Descartes Underwriting, the insurance coverage know-how (insurtech) targeted managing common company (MGA) that specialises in parametric and data-driven danger switch merchandise, is increasing into Asia Pacific with two new workplaces opening in Singapore and Sydney, Australia.
Descartes announced an $18.5 million Series A funding round from leading global venture capital firms last year which it intends to make use of to scale up the parametric insurance coverage house.
A part of that is increasing its footprint in key markets and Descartes Underwriting launched into the key United States and North American market at the end of 2020.
Now, the parametric danger switch and insurance coverage specialist is increasing to Asia Pacific as properly, with two workplaces opening within the area and two new hires.
With a give attention to company insurance coverage in opposition to pure disaster and local weather dangers, Descartes has been increasing the remit of the parametric set off, working throughout quite a few dangers and perils.
Now, the corporate goals to broaden its technology-driven parametric product vary to markets all through the Asia Pacific area.
The corporate has employed Robert Drysdale as Head of Southeast Asia, who will oversee the brand new Singapore workplace.
Drysdale has 14 years’ expertise of broking complicated dangers into the London and Asia-Pacific markets, most just lately at Howden.
Ben Qin may also be a part of Descartes later this month as Head of North-East Asia and Australia, overseeing the brand new Sydney, Australia workplace.
Qin additionally brings 14 years’ expertise structuring and inserting revolutionary Different Threat Switch (ART) options throughout Asia-Pacific, most just lately at Marsh.
Collectively, the 2 new hires will oversee the build-out of Descartes’ Asia-Pacific parametric insurance coverage operations.
“We’re proud to convey Descartes’ options nearer to brokers and company shoppers. As a area, Asia-Pacific is extra uncovered to pure catastrophes and excessive climate occasions than others. From document breaking tremendous typhoons Goni and Amphram in 2020, main hail occasions and bushfires in Australia, and tragic 1-in-1000 12 months flooding in China and India this summer season – the rising incidence of extreme climate all through the area is compounded by local weather change and is leading to elevated year-after-year losses,” defined Robert Drysdale, Head of Southeast Asia.
Ben Qin, Head of North-East Asia and ANZ, added “Given this publicity and widening protection hole, significantly in non-damage BI points, with solely 12% of the USD 102bn Nat Cat pushed financial losses reportedly insured in 2020, we consider it is a good time to convey Descartes’ parametric value-proposition to Asia-Pacific.”
Descartes Underwriting is structured as an MGA backed by a panel of tier-one danger carriers and is ready to present US $200 million in capability per parametric coverage.