FloodFlash Set to Join NormanMax in Parametric Insurance Expansion
Deal News | Feb 26, 2025 | Re-Insurance News
FloodFlash, a parametric flood insurance provider utilizing sensor technology, is set to be acquired by NormanMax Insurance Holdings, pending the FCA's approval. This transaction will enable FloodFlash to continue its operations as a Managing General Agent (MGA) and Lloyds coverholder. Both companies express excitement about the partnership, which enhances their capabilities to offer advanced parametric insurance solutions in the US, UK, and globally. FloodFlash CEO Adam Rimmer is optimistic about the collaboration, citing opportunities to expand into new territories and tackle various perils. Similarly, NormanMax CEO Brad Meier praises FloodFlash’s innovative technology, aligning it with NormanMax’s mission to deliver superior insurance products. Both leaders highlight the significance of this strategic union in addressing natural catastrophes and enhancing recovery processes for affected communities.
Sectors
- Insurance
- Technology
Geography
- United Kingdom – The article pertains to NormanMax and FloodFlash, which are active in the UK insurance market.
- United States – The acquisition aims to expand FloodFlash's reach into the US market, emphasizing cross-border insurance practices.
Industry
- Insurance – The article involves two companies in the insurance sector, focusing on parametric flood insurance solutions.
- Technology – FloodFlash utilizes sensor technology in its insurance solutions, showcasing the role of technology in advancing insurance practices.
Financials
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| FloodFlash | Target company | Company | A parametric flood insurance provider known for its innovative sensor technology. |
| NormanMax Insurance Holdings | Bidding Company | Company | A specialist parametric underwriter acquiring FloodFlash to enhance its insurance offerings. |
| Adam Rimmer | CEO of FloodFlash | Person | CEO and Co-founder of FloodFlash, leading the company through the acquisition process. |
| Brad Meier | CEO of NormanMax | Person | CEO of NormanMax, overseeing the acquisition of FloodFlash to advance parametric insurance solutions. |