Media release
23 October 2024
DESCARTES EXPANDS INTO LATIN AMERICA
Descartes, a world leader in corporate parametric insurance solutions for climate and emerging risks, has further expanded its global reach with the opening of a new office in Mexico City.
The move into Latin America is in response to an increase in enquiries from brokers and corporate clients for parametric support in the region – particularly for agriculture, tropical cyclone, renewable energy and earthquake covers.
Descartes’ first office in the LatAm region will be headed by Francisco Javier Herrera Escalante as Country Manager, Mexico.
“We’re excited to be expanding Descartes’ reach further into Latin America with the establishment of an office in Mexico City,” Daniel Vetter, Descartes’ Head of the Americas, said.
“Francisco’s market expertise and existing client and broker relationships will be instrumental in continuing to build out our platform in the region.”
Francisco Herrera said: “I am delighted to join Descartes, a dynamic company with a unique, data-driven approach that will continue to deliver added value by delivering innovative parametric solutions to its brokers and clients”.
The ongoing demand for Descartes parametric approach to insurance has seen the organisation expand from France – where it was founded in 2019 – to the US, Asia-Pacific, Europe and now Latin America, with 400+ clients in more than 60 countries.
Descartes Underwriting Head of North Asia & Australia Ben Yue Qin said this global footprint gave Descartes the capacity to offset risks.
While traditional insurers assess the risk based on historical data and loss history, Descartes develops unparalleled risk understanding by modelling the underlying phenomena to provide fresh capacity in exposed areas, with fair and accurate pricing based on proprietary models.
Lynn Roehrig, Descartes Underwriting Head of Business Development, Australia and New Zealand, said with Australia’s long-range weather forecasts predicting another summer of storms and cyclones, adequate insurance is crucial.
“If an extreme climate event hits, insured clients have peace of mind that their coverage can kick in when needed, covering all kinds of losses, including non-damage business interruption. Clients receive immediate income stability,” he said.
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About us:
Descartes is a global corporate insurer that collaborates with brokers to protect their corporate and public sector clients against climate, cyber and other emerging risks. At the forefront of AI and Data analysis, Descartes utilises cutting-edge technology combined with a new generation of data sources, to model, assess and manage risks.
Offering a full range of insurance products, including cost-effective and fully transparent parametric solutions with predefined and swift claims payouts, Descartes has already provided over $10 billion capacity to its clients through corporate brokers.
With a global footprint, Descartes serves a diverse portfolio of clients in more than 60 countries, with 17 offices spread across Europe, Asia-Pacific, Latin and North America.
The Descartes group comprises Descartes Insurance, a full-stack insurer operating in several European countries, and Descartes Underwriting, a global MGA backed by a panel of tier-one risk carriers. The company has been financed with over $141M by investors including Highland Europe, BlackFin, Serena, Cathay and Eurazeo. descartesunderwriting.com
Contact details:
Australia: Deb Eccleston 0422 407 788
Paris: Eric Allombert, Descartes (+33) 6 89 91 53 73