’This additional fresh capacity will enable us to continue providing compelling coverage options,’ says head of major accounts
London-based FloodFlash has announced a new partnership with insurer Hiscox as it looks to accelerate its US growth plans.
The deal, which was announced yesterday (8 August 2023), will see Hiscox provide capacity to the managing general agent (MGA) for parametric insurance models.
It came after FloodFlash secured another capacity deal with Munich Re in November 2021.
Richard Coyle, FloodFlash’s head of major accounts and capacity management, said securing additional capacity with Hiscox ”represents another key endorsement” of the firm’s approach.
“We’re delighted to bolster our US capacity with a carrier that has such expertise in the US flood market,” he said.
“This additional fresh capacity will enable us to continue providing compelling coverage options for distressed businesses that may otherwise be faced with retaining uncomfortable levels of flood risk.”
‘Protection gap’
FloodFlash said it wanted to expand in the US as it has the ”largest flood protection gap in the world”.
Read: FloodFlash agrees US capacity extension with reinsurer
Read: FloodFlash sets new claim turnaround record
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The MGA, which uses proprietary IoT sensor technology for the payout of claims, said it was now available in every state.
Its new partnership with Hiscox came amid the insurer being an active participant in the US flood insurance market.
The insurer’s London market alternative risk underwriter Tom King said: ”We are excited to expand our significant existing US flood footprint through their unique parametric product.
”The combination of innovation and expertise that this partnership represents is one that we believe can go some way to addressing the flood coverage gap that currently exists in the US.”
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