Demex kinds advisory board to spice up progress amid rising SCS losses

Demex has introduced the formation of a brand new advisory board composed of skilled insurance coverage executives John DeMartini, Alastair Speare-Cole, and Matthias Weber.

The advisory board will present strategic steering to assist help Demex’s continued progress after the corporate’s latest $10.25 million capital increase.

This transfer comes as insured losses from extreme convective storms (SCS) within the first half of 2024 have accounted for many world disaster losses. The USA has seen a big rise in insurance coverage payouts associated to those occasions, creating new challenges for insurers and policyholders.

The Demex Group famous that the rise in losses is compounded by restricted reinsurance availability for such occasions.

“These three trade professionals know that extreme convective storms signify the most important weather-related problem to the property insurance coverage trade,” mentioned Invoice Clark, CEO of Demex. Clark additionally identified that in 2023, a number of US insurers skilled rankings downgrades, and 4 firms turned bancrupt attributable to monetary losses tied to SCS.

The brand new advisory board goals to handle these challenges by specializing in Demex’s parametric reinsurance options, that are designed to protect insurance coverage carriers from the buildup of secondary peril property losses.

These options additionally provide reinsurers a worthwhile new income stream in a market more and more affected by climate-related dangers.

Demex’s new advisory board

• John DeMartini (pictured above, left): Retired in 2023 as managing director of Man Carpenter after 24 years with the corporate. DeMartini was key in figuring out the secondary perils reinsurance market, which Demex now serves. He’s on the boards of Farmers Mutual of Nebraska and Harford Mutual Insurance coverage Group.
  
   
• Alastair Speare-Cole (pictured above, center): Beforehand a member of the Aon Benfield govt committee and chairman of Aon Benfield Securities, Speare-Cole was CEO of JLT Re and chief underwriting officer at Qatar Reinsurance Firm. He has served as a board director for a number of firms, together with Transverse Insurance coverage Group, Eaton Gate MGU, Fusion Specialty Ltd, and Bridgewater Specialty Insurance coverage.
  
   
• Matthias Weber (pictured above, proper): Spent 25 years at Swiss Re, the place he served as group chief underwriting officer and a member of the chief committee. He has suggested and served on the boards of early-stage firms comparable to COVU, Glow, Subsequent Insurance coverage, CyberCube, kWh Analytics, and Ahoy! Insurance coverage. He’s additionally a companion at Mighty Capital and teaches at Stanford College.

Clark additionally addressed the rising variety of insurance coverage carriers being downgraded by rankings companies attributable to climate-related points, noting that the advisory board’s experience would assist Demex in creating viable options to forestall additional trade instability.

What are your ideas on this story? Please be happy to share your feedback under.