Parametric flood insurance company FloodFlash has announced a new partnership with Hiscox to further its US growth ambitions.
The move is expected to allow the London-based company to accelerate its growth in the US, following on from its launch in the region in January 2023.
The parternship will secure the organisation a foothold in the market, as they align themselves with Hiscox, a company which is already an active participant in the US flood insurance market.
FloodFlash Head of Major Accounts and Capacity Management Richard Coyle commented, “We’re delighted to bolster our US capacity with a carrier that has such expertise in the US flood market.
“This new partnership with Hiscox represents another key endorsement of the FloodFlash approach and, in addition to Munich Re, we have the ideal carrier team supporting us as a parametric flood insurance provider.
“In response to extraordinary demand since our launch in January, this additional fresh capacity will enable us to continue providing compelling coverage options for distressed businesses that may otherwise be faced with retaining uncomfortable levels of flood risk.”
Critically, Hiscox also sees this as an opportunity to bolster its own brand stateside, as the London-based organisation looks to fill the flood coverage gap in the US market.
Hiscox London Market’s Alternative Risk Underwriter, Tom King, said, “FloodFlash has taken an innovative approach to the challenge of flood underinsurance in the US, and we are excited to expand our significant existing US flood footprint through their unique parametric product.
“The combination of innovation and expertise that this partnership represents is one that we believe can go some way to addressing the flood coverage gap that currently exists in the US.”
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