NormanMax Insurance coverage Holdings, the Miami-based supplier of parametric re/insurance coverage options, has agreed to amass FloodFlash, the parametric flood managing common agent, topic to regulatory approval.
London-headquartered FloodFlash will proceed to function as an MGA and Lloyd’s coverholder, and the FloodFlash product will proceed to be out there to distributors and clients within the US, UK and past, the businesses stated in an announcement published on LinkedIn.
Monetary particulars of the deal weren’t disclosed.
“I’m very happy to share the information of the acquisition of FloodFlash by NormanMax and might’t wait to work carefully with Brad and the NormanMax workforce,” stated Adam Rimmer, CEO and co-founder of FloodFlash, in a press release.
“This was a straightforward determination: there are highly effective alternatives that come from combining a world-first parametric product with the world’s first parametric Lloyd’s syndicate,” Rimmer stated. “The partnership permits our ambitions for FloodFlash to construct upon relationships with brokers and clients within the US and UK, to develop quickly into new territories and perils, and to assist extra folks get well from disaster utilizing parametric insurance coverage.”
“NormanMax is delighted to have agreed phrases to amass FloodFlash. Utilising revolutionary expertise to offer the perfect insurance coverage options doable is core to our enterprise, and FloodFlash’s sensor expertise leads the parametric flood market,” in accordance with Brad Meier, CEO of NormanMax Insurance coverage Holdings Inc.
“We’re excited to develop our providing to guard clients from one of the prevalent pure catastrophes on the earth and l sit up for working with Adam, Ian and the FloodFlash workforce.”
NormanMax Insurance coverage Options, positioned in Miami, Florida, is a licensed producer writing enterprise via E&S insurers and a coverholder for Lloyd’s of London NormanMax Syndicate 3939.
FloodFlash is an insurtech firm that makes use of pc fashions, cloud software program and internet-of-things sensors to assist its parametric insurance coverage providing. Utilizing these numerous applied sciences, FloodFlash agrees a set payout for when a flood happens. As a result of it doesn’t require the loss adjusters and claims and authorized groups utilized by conventional insurers, FloodFlash’s premiums might be considerably decrease than these from conventional insurers, the company said.
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