NormanMax to acquire FloodFlash

FloodFlash, the parametric flood insurance provider with sensor technology, has agreed on terms to be acquired by NormanMax Insurance Holdings, a specialist parametric underwriter, subject to FCA approval.

Following the transaction, FloodFlash will continue to operate as an MGA and Lloyd’s coverholder.

The FloodFlash product will continue to be available to distributors and customers in the US, UK, and beyond.

Adam Rimmer, Chief Executive Officer (CEO) and Co-founder of FloodFlash, commented, “I am very pleased to share the news of the acquisition of FloodFlash by NormanMax and can’t wait to work closely with Brad and the NormanMax team.

“This was an easy decision: there are powerful opportunities that come from combining a world-first parametric product with the world’s first parametric Lloyd’s syndicate.

“The partnership enables our ambitions for FloodFlash to build upon relationships with brokers and customers in the US and UK, to expand rapidly into new territories and perils, and to help more people recover from catastrophe using parametric insurance.”

Brad Meier, CEO of NormanMax, added, “NormanMax is delighted to have agreed terms to acquire FloodFlash. Utilising revolutionary technology to provide the best insurance solutions possible is core to our business, and FloodFlash’s sensor technology leads the parametric flood market.

“We are excited to expand our offering to protect customers from one of the most prevalent natural catastrophes in the world and l look forward to working with Adam, Ian and the FloodFlash team.”

Recently, Storm Bert affected counties across England and Wales for which FloodFlash paid a client in just over 10 hours after a trigger was activated.

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