Rokstone, a managing general agent (MGA), has launched Rokstone Parametric in partnership with NormanMax Syndicate 3939.
Rokstone Parametric will initially provide a $10 mn global facility to cover earthquakes, hurricanes, tropical cyclones, and typhoons. Additional perils are expected to be included in 2025.
The MGA aims to achieve $25 mn in gross written premiums in 2024, with a target of $50 mn in 2025, according to the company’s statement.
NormanMax Syndicate 3939 is the first Lloyd’s syndicate to specialize in natural catastrophe parametric reinsurance products covering multiple perils.
Rokstone stated that quotes for coverage will often be available the same day or immediately, with qualifying claims paid quickly, eliminating the need to prove physical loss.
The new product addresses market gaps related to natural catastrophes and responds to the challenges posed by climate change and shifting market conditions, according to Rokstone.
We’ve been active in the parametric space for a number of years now through our sister MGA, Aura Underwriting
Robin Ungless, deputy chief underwriting officer at Rokstone Specialty
“This deal significantly advances those capabilities, allowing us to offer innovative global parametric solutions for multiple natural catastrophe perils,” said Robin Ungless.
Earlier in November 2024, Rokstone announced it had received a regulatory license from the Dubai Financial Services Authority (DFSA) to expand its operations in the region.
The DFSA’s approval enables Rokstone to grow its presence through a new office within the Dubai International Financial Center (DIFC). The DFSA serves as the independent regulator for business conducted within or from the DIFC.
Rokstone is part of the Aventum Group, a global insurance and reinsurance group that operates across multiple regions and market segments.
