Demex bolsters its Advisory Board with appointments of industry veterans

Demex, the risk analytics and intelligence firm offering reinsurance solutions for severe convective storms, has created a new Advisory Board comprising seasoned insurance executives, John DeMartini, Alastair Speare-Cole and Matthias Weber.

The announcement follows Demex’s $10.25m capital raise as the Advisory Board aims to guide the company’s growth. With special attention to the firm’s robust parametric reinsurance solutions, designed to protect insurers from the accumulation of secondary peril property losses and provide reinsurers with a profitable new revenue stream.

DeMartini retired in 2023 as Managing Director of Guy Carpenter after 24 years at the company, he was instrumental in identifying the secondary perils reinsurance market opportunity that Demex now serves. He is on the boards of Farmers Mutual of Nebraska and Harford Mutual Insurance Group.

He added, “There have only been a few innovative solutions that have been viable in the risk transfer process and Demex’s RCR is one of them. I began working with Demex in 2022 and invited them to participate in our regional company seminar. Since then, the need to address the risk of secondary perils, such as severe convective storms, has continued to grow with losses, climate change, inflation, and fluctuating reinsurance capacity all presenting challenges to insurers. Through the new advisory board, I’m pleased to now be part of the Demex journey.”

Alastair Speare-Cole was a member of the Aon Benfield Executive Committee and Chairman of Aon Benfield Securities. He was formerly the Chief Executive Officer of JLT Re, and Chief Underwriting Officer and Director at Qatar Reinsurance Company. Speare-Cole has served as a Board Director at Transverse Insurance Group, Eaton Gate MGU, Fusion Specialty Ltd and Bridgewater Specialty Insurance.

Speare-Cole continued, “The impact on insurance companies from the accumulation of secondary peril losses is exposing a fundamental flaw in the current structure of the reinsurance industry. I am excited by this opportunity to work with a company that has found a solution to help address this, and, in doing so, provide more financial security to carriers.”

Weber had spent 25 years at Swiss Re, ultimately as Group Chief Underwriting Officer and member of the Executive Committee. He has served as an advisor and board member at several early-stage companies, including COVU, Glow, Next Insurance, Cyber Cube, kWh Analytics, and Ahoy! Insurance. He is also a partner at Mighty Capital.

“Having retired from Swiss Re after 25 years, I am enjoying the opportunity to use my experience to assist Demex with their crucially important parametric solution to combat the challenge of severe convective storm losses. Demex is a special company, with impressive people and a valuable product,” said Weber.

Bill Clark, CEO of Demex, commented: “To have reinsurance luminaries like Alastair, John, and Matthias join our Advisory Board speaks to the importance of what we’re doing, and the uniqueness of our offerings. These three industry professionals know that severe convective storms represent the biggest weather-related challenge to the property insurance industry.

“The number of insurance carriers being downgraded by ratings agencies, citing climate-related issues, is growing rapidly, and the Advisory Board’s expertise will help drive our development and delivery of viable solutions to help prevent this from happening.”

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