Canopius Appoints Global Parametrics to Underwrite Catastrophe Risk at Lloyd’s

Canopius, a specialty lines and property and casualty reinsurer, has appointed Global Parametrics, a CelsiusPro company, as a coverholder authorized to underwrite for its Lloyd’s Syndicate 4444 under a binding authority agreement. This partnership empowers Global Parametrics to develop a portfolio for Canopius focusing on natural disaster perils such as tropical cyclones, earthquakes, floods, and excess rainfall. Since 2018, Global Parametrics has managed a natural disaster fund, leveraging this experience to expand parametric insurance products with Canopius.

Global Parametrics will provide underwriting services and allocate risk capacity based on the guidelines set by Syndicate 4444. This collaboration aligns with Canopius' strategy to deploy risk capacity for parametric solutions globally, addressing growing protection gaps especially in regions with significant underinsurance. Parametric insurance, by triggering coverage based on predefined parameters rather than traditional loss assessments, offers scalable solutions to natural catastrophe risks.

The partnership integrates Global Parametrics into the Lloyd’s of London ecosystem, potentially broadening access to parametric insurance for various clients and communities seeking resilience against climate-related perils. This initiative follows Canopius' broader efforts in digital asset and specialized insurance lines, such as appointing Qubit as a coverholder for digital asset custody and crime insurance earlier in the year.

Overall, this collaboration advances parametric insurance within the U.S. and global markets, providing innovative risk transfer solutions that combine data-driven underwriting with industry compliance standards. It also reflects the growing trend of reinsurers partnering with specialized underwriting firms to enhance natural disaster risk capacity and address evolving market demands in climate exposure and catastrophe insurance.