Augment Risk adds Raincoat's Mathieu to parametric practice

By Henry Gale

June 2 - (The Insurer) - Augment Risk has hired Miami-based senior executive and parametric specialist Luis Mathieu as it looks to expand its footprint across Latin America, the broker said.

Mathieu was chief insurance officer for parametric startup Raincoat between 2021 and 2025 and has previously been held CEO roles at QBE Puerto Rico, Colombian insurer Alfa, Chubb Brazil and Chubb Colombia.

He becomes associate partner in Augment's parametric practice, starting his role on Monday. The broker said Mathieu would be focused on helping clients access innovative parametric reinsurance capacity and has experience helping insurers and governments develop fast, transparent coverages for catastrophe-exposed regions.

Mathieu's appointment comes five months after Alejandro Solorzano joined Augment from XS Global with a focus on developing the broker's parametric offering in Latin America, first reported by Parametric Insurer in January.

Solorzano, associate partner for parametric solutions, said Augment was seeing a shift towards more sophisticated insurance buyers who demand brokers with expertise in risk advisory, capital structuring and tailored parametric covers.

He added that Mathieu's appointment was another step in delivering insight and execution for Augment's clients.

Augment Risk launched its parametric practice in October 2023 with the hire of Kurt Cripps, former global head of weather at Aon. One of its early parametric clients was telecommunications firm Liberty Latin America, which received a $44 million payout last year on its parametric weather derivative program after Hurricane Beryl affected its operations in the Caribbean.