SiriusPoint takes stake in climate underwriting startup

Bermuda-based insurer and reinsurer SiriusPoint Ltd. on Friday said it has taken a significant ownership stake in Parameter Climate Inc., a climate-focused underwriting startup based in New York.

As part of the transaction, SiriusPoint will provide multi-year capacity and paper, and additional capacity has been secured from another global reinsurer, the insurer said in a statement.

SiriusPoint brings “the balance sheet capacity and financial resources for Parameter Climate to provide underwriting and distribution leadership to the growing climate market,” Martin Malinow, founder and CEO of Parameter Climate, said in the statement.

Prior to founding Parameter Climate in 2020, Mr. Malinow was president of Sompo International Holdings Ltd.’s unit Sompo Global Weather.