Insurance coverage know-how veteran Sandra DeSilva has introduced the launch of Mythen, a man-made intelligence (AI)-powered parametric insurance coverage platform and reinsurer, primarily based in Bermuda and Texas, that specialises in writing pure disaster dangers.
Mythen, is comprised of a group of world insurance coverage, reinsurance and know-how consultants who goal to leverage superior applied sciences in an effort to present liquidity and protection for in any other case troublesome to insure dangers.
In keeping with the announcement, Mythen’s multi-disciplinary group of business veterans will use AI, machine studying, underwriting, modelling, distant sensing, and different applied sciences for growing insurance coverage merchandise, structuring protection, and taking danger.
“We’re utilizing the newest applied sciences and dealing with highly-skilled companion corporations to penetrate deeper into the insurance coverage market with merchandise throughout the pure and different disaster danger spectrum,” commented DeSilva.
She continued: “We’re motivated to assist fight local weather change and shut the widening insurance coverage hole by offering the know-how to manage world portfolios topic to local weather danger and uncertainty.
“I’m delighted with the group as we’re addressing important social and environmental wants.”
Furthermore, Mythen Holdings Bermuda oversees Mythen Insurance coverage Companies, and is made up of a Texas-based managing common underwriter (MGU), in addition to a claims service unit, Mythen Claims Companies, and Mythen Re, which is a Bermuda Class 3a insurer which has a totally collateralized Bermuda segregated cell, Eiger 2025.
The organisation has ambitions to assist various reinsurance capital sources, together with these from the insurance-linked securities (ILS) market, entry extra danger in parametric type.
Due to this fact, by providing structured parametric options, Mythen seeks to bridge the hole between ILS traders and pure disaster danger, which is able to in the end assist create new alternatives for environment friendly capital deployment.
As well as, Mythen has additionally partnered with Texas-based insurer Southlake Specialty Insurance coverage Firm, which supplies paper, fronting, and leverage, whereas the MGU enjoys quota share protection from companions within the wider reinsurance market.
“Mythen’s parametric resolution is a primary instance of Southlake’s dedication to innovation and using know-how to drive the insurance coverage business ahead. Sandra’s group is addressing the important problem of offering first-dollar protection in a posh market. After seeing the demo, we instantly acknowledged its potential to revolutionize how companies handle wind publicity—and knew we needed to be a part of it,” mentioned Yogesh Kumar, CEO of Southlake.
On the core of Mythen Insurance coverage Companies is a know-how platform that hyperlinks knowledge, danger analytics, and forecasting experience to handle portfolios and masking insurance coverage danger.
The corporate has begun underwriting windstorm danger, specifically US hurricane danger, utilising parametric set off merchandise designed to minimise the time time to pay claims in addition to conserving inner bills low.
Engineered for simplicity and accessibility, the product is tailor-made for brokers and shoppers, making certain seamless adoption.
On the similar time, Mythen’s WindSpeed™ know-how and on-line platform allows on the spot quoting, portfolio administration, whereas additionally permitting for upscaling danger and seamless hedging.
