US insurance specialist to acquire UK-based flood focused MGA

UK-based FloodFlash has agreed terms to be acquired by US parametric insurance specialist NormanMax Insurance.

The deal will see FloodFlash continue to operate as an MGA and Lloyd’s coverholder, while its product will continue to be available to distributors and customers in the UK.

NormanMax said it wanted to purchase the firm to expand its offering to further protect customers from floods.

Brad Meier, chief executive at NormanMax, said: “NormanMax is delighted to have agreed terms to acquire FloodFlash.

“Utilising revolutionary technology to provide the best insurance solutions possible is core to our business and FloodFlash’s sensor technology leads the parametric flood market.

“We are excited to expand our offering to protect customers from one of the most prevalent natural catastrophes in the world.”

FloodFlash 

FloodFlash uses sensor technology and the latest data science to provide clients quick payouts following a flood.

Quotes are available for any commercial property, including landlords and housing associations.

Adam Rimmer, chief executive and co-founder at FloodFlash, said he was “very pleased to share the news of the acquisition of FloodFlash by NormanMax”.

“This was an easy decision – there are powerful opportunities that come from combining a world-first parametric product with the world’s first parametric Lloyd’s syndicate,” he said.

“The partnership enables our ambitions for FloodFlash to build upon relationships with brokers and customers in the US and UK, to expand rapidly into new territories and perils and to help more people recover from catastrophe using parametric insurance.”