Augment Risk Services launches global parametric specialty division

Augment Risk Services LLC on Monday said it has launched its global parametric specialty division for index-based risk transfer.

The parametric specialty division will initially focus on assisting captives, insurers, reinsurers and insurance-linked securities firms to manage their global exposures to natural perils including windstorm, earthquake and wildfire, an Augment statement said.

Kurt Cripps will lead the specialty division. He was most recently global head of parametric at Inver Re, part of the Ardonagh Group. Prior to that, he was a managing director and the global head of weather at Aon Reinsurance Solutions.

“Clients are having to manage a far greater degree of risk,” due to rising reinsurance costs, higher deductibles and reduced limits, and parametric coverage provides an alternative to indemnity products, Mr. Cripps said in the statement.