Stonybrook Risk Management, a licensed reinsurance intermediary and a wholly-owned subsidiary of Stonybrook Capital, has completed a parametric reinsurance transaction led by Dan Butzbaugh, global head of parametrics.
While full details of the deal have not been disclosed, Stonybrook said it offers a “fast and clear” claims process with responses within days of the transaction and is underwritten by A+ Securities.
According to the company, the structure “fills a gap in the cedant reinsurance tower” with a fast and efficient quoting process.
“In a market where there are many alternative solutions to fill coverage gaps, Stonybrook was able to leverage its parametric risk takers to launch a well-designed, efficiently priced product without deductibles or traditional exclusions. Once again demonstrating the ability of parametric markets to have far-reaching impact,” Stonybrook added.
“This parametric coverage is part of Stonybrook’s suite of financial solutions for its banking and reinsurance clients,” commented Butzbaugh.
“I’m very pleased with Dan and our efforts in the parametric space,” said Joe Scheerer, chairman and CEO of Stonybrook Capital. “These types of deals continue to come up, and we are working on many larger projects as well.”
