Cooper Gay confirms acquisition of Meteo Protect brand & tech – Reinsurance News

Cooper Gay France, the European brokerage and wholesale managing general agency (MGA), has acquired the brand and technology of parametric and weather index insurance specialist and Lloyd’s of London coverholder, Meteo Protect.

The agreement provides Cooper Gay, which is part of the BGC Partners broking group, with stronger capabilities in the structuring, pricing, broking, and underwriting of weather derivates, weather-index re/insurance, and other climate linked parametric risk transfer.

Meteo Protect has a strong focus on technology, having developed a platform for the pricing of weather risk transfer and parametric insurance solutions.

The Meteo Protect brand, alongside the company’s parametric insurance platform and technology, will now sit within the broking and MGA group. In addition, the founder of Meteo Protect, Gabriel Gross, has been hired as Director of the new Cooper Gay Parametric Insurance Solutions Division.

As reported first by our insurance-linked securities (ILS) focused sister publication, Artemis, this new unit is expected to be tasked with the creation of new parametric solutions for the Cooper Gay brand, utilising the platform, technology and expertise gained through the acquisition.

At a time when the use of parametric risk transfer, insurance and reinsurance for weather, climate and other risks has grown in acceptance, Cooper Gay has expanded its capabilities, offering and expertise in this area via the acquisition of the Meteo Protect brand and its technology.