SiriusPoint invests in start-up corporations within the discipline of local weather insurance – business insurance
The Bermuda-based insurer and reinsurer SiriusPoint Ltd. announced on Friday that it has acquired a significant stake in Parameter Climate Inc., a climate-focused underwriting startup based in New York.
As part of the deal, SiriusPoint will provide multi-year capacity and paperwork, and additional capacity has been secured by another global reinsurer, the insurer said in a statement.
SiriusPoint brings "the accounting capacity and financial resources to Parameter Climate to provide the growing climate market with a leading position in underwriting and sales," said Martin Malinow, founder and CEO of Parameter Climate, in the statement.
Prior to founding Parameter Climate in 2020, Mr. Malinow was President of the Sompo Global Weather unit of Sompo International Holdings Ltd.