CelsiusPro ignites next growth stage with UK acquisition

Since 2008, Zurich-based CelsiusPro has been pioneering parametric insurance solutions to help its clients worldwide mitigate the effects of extreme weather and natural catastrophes. Its offering includes climate risk products, technology, and consulting services aimed primarily at developed markets.

On the verge of expanding its global presence and climate and NatCat risk solutions, the company has acquired Global Parametrics Holding Company Limited, a 2016-founded company in the United Kingdom providing parametric solutions to climate and natural disaster risks. The acquisition complements CelsiusPro’s expertise in climate technology and parametric insurance design, structuring, and underwriting, primarily in developed economies, with Global Parametrics’ experience in delivering disaster risk management responses in developing countries. Moreover, both companies will combine their Managing General Agents (MGAs) expertise to attract and deploy additional risk capacity.

Global Paramtrics brings along its Natural Disaster Fund, a risk capacity pool backed by commitments by the Commonwealth Office (FCDO) and the German Federal Ministry for Economic Cooperation and Development via KfW, Germany’s development bank, focused on developing countries. After the merger, the Global Parametrics team will continue to manage the Natural Disaster Fund (NDF). The NDF shares risks with global reinsurer Hannover Re, one of Global Parametrics’ longstanding key partners.

Combining the two companies creates an even stronger offering along the value chain of climate and Nat Cat risks, opening new possibilities for businesses, governments, NGOs, and communities to build resilience against threats such as hurricanes, floods, earthquakes, and drought. The newly formed group will serve clients from its offices in Zurich, Sydney, and London.

Mark Rueegg, CEO of CelsiusPro, said: “The acquisition combines CelsiusPro's expertise in climate technology and parametric insurance with Global Parametrics’ asset management approach to climate risk through the NDF and its MGA. This is key to our value proposition, as we see an increasing number of NatCat financing facilities, such as the Global Shield initiative launched at COP27, looking for experts on parametric solutions and risk capital deployment. We are enthusiastic about the strategic fit between CelsiusPro and Global Parametrics, and welcome our new colleagues to our group.”

(Press release/RAN)