US based parametric re/insurance group, NormanMax Insurance Holdings, has received ‘approval in principle’ from Lloyd’s to launch a syndicate in 2024, to be managed by Apollo Syndicate Management.

NormanMax Syndicate 3939 aims to commence underwriting in April 2024, focusing on natural catastrophe parametric re/insurance products.

Bradley Meier, CEO of NormanMax commented: “We are thrilled at the opportunity to assist clients globally with parametric re/insurance solutions and bring this business into Lloyd’s. It is my belief that we are only at the beginning of the global parametric insurance revolution and we are pleased to be partnering with Apollo on this exciting journey. The ability to provide worldwide access to parametric insurance solutions that utilise both public and proprietary data via Syndicate 3939 is a great first step in the mainstream adoption of parametric products.”

“NormanMax syndicate 3939 will be distributing its products globally, including in many underserved markets that traditionally lack a broad spectrum of insurance solutions. We are excited to be able to begin the process of serving these markets via the reach and financial security of the Lloyds Market.”

Andrew Gray, Apollo’s director of strategic partner syndicates added: “We are incredibly excited to be partnering with NormanMax to support the delivery of their parametric strategy at Lloyd’s. Their innovative new parametric products can support closing the insurance protection gap for customers all over the world, providing piece of mind and speed of claims payment.

“Apollo’s track record of building successful and innovative businesses at Lloyd’s makes us the perfect long-term partner for organisations like NormanMax who are looking to benefit from the strengths of the Lloyd’s market whilst leveraging Apollo’s innovative and partnership mindset.”

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