NormanMax to Acquire FloodFlash, Strengthening Parametric Insurance Capabilities
FloodFlash, an insurtech specializing in parametric flood insurance, is set to be acquired by NormanMax Insurance Holdings, Inc., according to a recent agreement that is pending approval from the Financial Conduct Authority (FCA). Upon completion of the acquisition, FloodFlash will continue to operate as a managing general agent (MGA) and a Lloyd’s coverholder. This means its parametric flood insurance products will remain accessible to distributors and clients in the UK, the US, and other markets.
Founded in 2017 by Adam Rimmer and Dr. Ian Bartholomew, FloodFlash focuses on offering parametric insurance solutions for businesses and property owners in regions with high flood risks. The company has expanded its services from the UK to the US, with the goal of providing effective flood insurance options in underserved markets. FloodFlash is authorized and regulated by the FCA and is a registered coverholder with Lloyd’s of London.
Brad Meier, CEO of NormanMax, highlighted FloodFlash’s sensor technology as a leader in the parametric flood insurance market. He also noted that the acquisition will enable NormanMax to broaden its offerings to cover one of the most frequent natural catastrophes.
NormanMax’s Strategic Expansion in Parametric Insurance
This agreement is the latest in NormanMax’s efforts to expand its coverage and enhance its parametric insurance products. In May 2024, NormanMax introduced Syndicate 3939, managed by Apollo, which focuses on natural catastrophe parametric reinsurance products (including hurricanes, tropical cyclones, typhoons, and earthquakes).
Several months ago, Syndicate 3939 partnered with Rokstone, an international specialty MGA, to launch Rokstone Parametric. This product provides a US$10 million global facility that covers risks associated with earthquakes, hurricanes, tropical cyclones, and typhoons. The aim is to generate a significant gross written premium and expand coverage in 2025 to encompass additional perils, such as floods.
Earlier in the year, NormalMax partnered with London Underwriters to provide agents access to parametric insurance solutions for hurricanes and earthquakes via the LU ONE platform. This suggests a strong commitment by NormalMax to expand its parametric offerings across different platforms and for different natural perils.
