Speedy resolution the key to the success of parametric products: Stonybrook Capital
Parametric triggered products such as insurance loss warranties (ILW) are gaining in popularity because of the simple and speedy resolution of payments, according to Joe Scheerer, principal and chief executive officer at Stonybrook Capital.
Stonybrook Capital’s ILW desk has completed several transactions since it was established in the summer of 2020, according to the banking and reinsurance broking firm.
Scheerer described the new ILW desk as “another example of Stonybrook developing new products and services to assist the re/insurance market.”
Dan Butzbaugh of Stonybrook Risk Management, added: “Our goal was to bring technology that delivers transparency, improved market intelligence, and a less intrusive price-discovery process for underwriters and buyers, and we are thrilled by the support of the ILW marketplace.”
Paul Kneuer of Stonybrook Capital said Stonybrook’s experience working with CAT exposed insurers can be leveraged in the ILW arena as well.