Miller launches dedicated parametric business unit, hires Glenister to lead

Miller, the independent and private equity funded broking group, has announced the launch of a dedicated parametric risk transfer focused business unit, hiring Alice Glenister to be head of the global team.

Miller is just the latest broker to formalise its parametric insurance, reinsurance and risk transfer service offering under a dedicated global unit.

As we said recently when Gallagher announced the launch of a dedicated parametric unit, while we’ve been covering parametric risk transfer structures and arrangements for over a quarter of a century, we have never seen such interest in this product set, as we are now seeing emerge in 2024.

We’re even at the stage of parametric risk transfer market growth where highly-respected and senior industry executives who told us only a few years ago that parametrics would never gain any scale, are now doubling-down on the opportunity (we won’t name names).

If we had a parametric risk transfer hype cycle, we would surely be at or nearing the peak. It’s taken a long time to reach the so-called peak of inflated expectations, given parametric triggers have been in use for over 30 years, but it’s a positive sign that finally the market is waking up to the true potential of the product, which hopefully will lead to greater ability to integrate and embed parametric solutions within traditional insurance programs and reinsurance towers.

Back to Miller, the company said this morning that it is expanding its broking operations in the parametric insurance market, with the launch of a new global team headed by the recently hired Alice Glenister, now Head of Parametrics.

This team will be dedicated to parametric insurance and risk transfer, bringing experience in the application of parametric triggers across a wide range of industries and sectors, from the more typically seen natural catastrophe triggers to bespoke programmes such as reduction in yield, cyber downtime, and wind deficiency policies.

Miller aims to further expand the scope of parametric triggers beyond catastrophe and weather related risks, and aims to provide clients a diverse range of tailored solutions.

Alice Glenister has joined Miller from her most recent role at Mastercard, where she was Director of Insurance, focusing on data-led and payment-led solutions, including parametric in nature.

Glenister also brings parametric underwriting experience from time spent working at insurance giant Generali.

Based in Longon, Glenister will be joined by Charlie Liddle, from OneGlobal, and Rowan Minhas from Miller in the parametric team.

Martin Henderson, Head of Energy & Construction, commented, “I’m delighted to have Alice onboard to spearhead our work in this newly formed parametric division with the full support of Charlie and Rowan. The formation of this specialised team underscores Miller’s ongoing commitment to innovation and client-centricity, allowing us to develop and implement cutting-edge parametric solutions tailored to meet the diverse needs of clients across various industries and geographic regions.”

Glenister added, “This is an exciting opportunity to expand on the parametric work Miller have been doing and I am delighted to be leading the formation of this dedicated global team. Parametric insurance offers numerous advantages over traditional insurance products, including faster claims processing and greater transparency.

“Working across a range of sectors, we will be able to provide coverage for those risks that were once considered too complex or too difficult to insure, allowing Miller clients access to enhanced risk management capabilities. By harnessing the power of parametric solutions, Miller are poised to redefine the way their clients protect their assets and mitigate risks in an ever-changing world.”