K2 Parametric partners with Homesite
K2 Parametric Insurance Services, a subsidiary of K2 Insurance Services, is announcing their first capacity relationship with Homesite Underwriting Managers, the program business unit for Homesite Insurance Group. Under the partnership, K2 Parametric will be able to offer commercial parametric natural catastrophe polices for U.S. earthquake and hurricane risks with limits up to $10 million per policy.
A parametric insurance policy provides payment based on the location and intensity of a natural catastrophe event. Coverage can be customized to an insured’s specific geographic needs. Upon triggering, the policy responds quickly, in as little as 30 days, and the proceeds can be used for any economic costs not covered by other insurance or recoveries. Unlike a traditional natural catastrophe property insurance policy, a parametric Insurance policy does not require the insured to have physical damage.
“I am impressed with the time the team at Homesite invested in learning how Parametric Insurance is written and why it’s a powerful risk transfer tool for commercial entities exposed to natural catastrophe risk.” – Scott Carpinteri, president of K2 Parametric.
“Homesite Underwriting Managers is excited to add K2 Parametric Insurance Services LLC to our partners. Their expertise in this unique coverage fills a void in this market space and adds yet another sustainable and profitable partnership to our portfolio.” – Grace Meek, CEO and president of Homesite Underwriting Managers.
“We are excited to be able to bring together one of the strongest parametric experts with our current largest carrier partner, Homesite Underwriting Managers. We look forward to quickly becoming the largest market in this important emerging product line.” – Bob Kimmel, CEO of K2 Insurance Services.