MGA and fronting re/insurer Trigger Parametric launches

Trigger Parametric, a new parametric underwriter has been launched with the aim to model, structure, and place parametric cover for natural and man-made perils globally.

A UK entity, Trigger Parametric intends to operate as both a managing general agent (MGA) and as a fronting re/insurer underwriting global parametric risks.

Raveem Ismail, William Ormerod, Ian Bishop, and Patrick Tear will be part of the underwriter’s team, backed by insurtech veteran Graeme Dean, who commented: “Trigger’s founding comes at a time when parametric ranks as the most in-demand alternative risk solution.

“I welcome Raveem, Will, Pat and Ian: a high performing team operating at the frontiers of analytical risk transfer. Trigger will protect an ever-broader market, receptive to parametric risk transfer.”

Ormerod and Tear previously ran fintech Stable’s underwriting division, working with a wide range of multinationals supported by Ascot, Everest, SiriusPoint, Vantage, and Chaucer.

Ismail and Bishop are joining from Africa Specialty Risks (ASR), where they were part of its parametric underwriting division.

While at ASR, they created new products, and led the inaugural African cyclone index cover, in collaboration with the Mozambiquan government, the World Bank, Celsius Pro, and PULA Advisors.

Additionally, they successfully launched Qomplx Underwriting, a groundbreaking initiative that marked the first instance of cyber parametric policies being underwritten on Chaucer paper.

Ismail, Managing Director and CUO of the newly formed Trigger Parametric, commented: “We have all been pushing the boundaries in event-based cover, and demonstrating to risk capital that there is diversifying additive premium we can bring to market. By founding Trigger, we will expand the range of risks addressable by parametric re/insurance.”

Ismail also confirmed that ensuring alternative capital is comfortable with parametric risk will be a key strategy pursued by Trigger.

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