NormanMax Agrees to Purchase Parametric Flood Specialist MGA, FloodFlash

NormanMax Insurance Holdings, the Miami-based provider of parametric re/insurance solutions, has agreed to acquire FloodFlash, the parametric flood managing general agent, subject to regulatory approval.

London-headquartered FloodFlash will continue to operate as an MGA and Lloyd’s coverholder, and the FloodFlash product will continue to be available to distributors and customers in the US, UK and beyond, the companies said in an announcement published on LinkedIn.

Financial details of the deal were not disclosed.

“I am very pleased to share the news of the acquisition of FloodFlash by NormanMax and can’t wait to work closely with Brad and the NormanMax team,” said Adam Rimmer, CEO and co-founder of FloodFlash, in a statement.

“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,” Rimmer 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.”

“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,” according to Brad Meier, CEO of NormanMax Insurance Holdings Inc.

“We are excited to expand our offering to protect customers from one of the most prevalent natural catastrophes in the world and l look forward to working with Adam, Ian and the FloodFlash team.”

NormanMax Insurance Solutions, located in Miami, Florida, is a licensed producer writing business through E&S insurers and a coverholder for Lloyd’s of London NormanMax Syndicate 3939.

FloodFlash is an insurtech company that uses computer models, cloud software and internet-of-things sensors to support its parametric insurance offering. Using those various technologies, FloodFlash agrees a set payout for when a flood occurs. Because it doesn’t require the loss adjusters and claims and legal teams used by traditional insurers, FloodFlash’s premiums can be significantly lower than those from traditional insurers, the company said.

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Flood
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