Skyline Partners and Augment Risk launch parametric cyclone cover in Hawaii

By Henry Gale

March 18 - (The Insurer) - Skyline Partners and Augment Risk have supported the launch of a parametric hurricane insurance cover for businesses and residential condominium owners in Hawaii, the companies have announced.

Local producer Hawaiian Hurricane Group (HHG) worked with parametric specialist Skyline Partners to develop the policy, which triggers payouts of up to $1 million if storms of a certain strength pass within a defined radius of the insured location.

It will be distributed by HHG and ExcurInsure, another Hawaii-based agency. Mitsui Sumitomo subsidiary Vortex Weather Insurance is providing capacity through Skyline Partners, under a binding authority agreement arranged by Augment Risk.

Augment Risk announced a partnership with Skyline Partners in May 2024 to expand the broker's parametric reinsurance offering. Augment's parametric division was launched in October 2023 by Kurt Cripps, formerly Aon's global head of weather, in a move first reported by The Insurer.