LOS ANGELES, July 11, 2022 /PRNewswire/ — K2 Parametric Insurance Services, LLC, a subsidiary of K2 Insurance Services, LLC, is pleased to announce their first capacity relationship with Homesite Underwriting Managers LLC, the program business unit for Homesite Insurance Group, which has a Financial Strength Rating of ‘A’ (Excellent) from AM Best. 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," said Scott Carpinteri, President of K2 Parametric.
"Homesite Underwriting Managers is excited to add K2 Parametric Insurance Services LLC to our partners," says Grace Meek, CEO & President of Homesite Underwriting Managers. "Their expertise in this unique coverage fills a void in this market space and adds yet another sustainable and profitable partnership to our portfolio."
K2 Parametric works with both retail and wholesale brokers to provide Parametric Insurance solutions to middle-market and larger commercial clients.
"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," added Bob Kimmel, Chief Executive Officer of K2 Insurance Services.
As premium for the Parametric Insurance market continues to grow by double-digits each year, look for K2 Parametric to grow capacity relationships and product offerings over the months and years to come.
K2 Insurance Services (K2) is an insurance services holding company, which owns and controls a diverse set of specialty program administrators. Through its MGAs, K2 markets, underwrites, and today services over $1.4 billion annually in niche commercial and personal insurance premiums. From workers’ compensation for high hazard exposures such as commercial transportation to personal lines coverage for manufactured homes, K2 helps insure clients across a diverse array of risks and industries. K2 is headquartered in San Diego, California and is a privately held company. https://www.linkedin.com/company/k2-parametric/
Founded in 1997, Boston-based Homesite Insurance was one of the first companies to enable customers to purchase home insurance directly online, during a single visit. Now the nation’s leading direct writer of homeowners insurance, as well as condominium and renters insurance, Homesite’s continues to innovate at a speed that outpaces the industry. Additionally, Homesite has a financial strength rating of A (Excellent) from A.M. Best, which reflect its balance sheet strength, as well as its adequate operating performance, favorable business profile and appropriate enterprise risk management (ERM).
The creation of Homesite Underwriting Mangers, led by Grace Meek, demonstrates Homesite’s commitment to grow unique, sustainable and profitable partnerships.
SOURCE K2 Parametric Insurance Services, LLC