Plover Parametrics

What Plover Parametrics does

Plover Parametrics is a software-enabled specialty insurance brokerage and surplus lines general agent headquartered in New York, founded in 2022. The company distributes parametric insurance products for natural catastrophe and climate risks — including Named Storm, Earthquake, Wildfire, Flood, Tornado, Hail, and Weather (yield, precipitation, drought) perils — across seven verticals: High Net Worth, Logistics, Hospitality, Energy, Agriculture, Healthcare, and Real Estate. Plover's proprietary software aggregates county-level FEMA Risk Ratings and historical event data from NOAA, NHC, USGS, NIFC, and NASA spanning 150+ years, enabling brokers to quantify exposure, run portfolio backtests, and receive parametric product recommendations.

Plover operates as a wholesale channel serving retail insurance agents and brokers who need to place hard-to-place commercial accounts in markets where admitted carriers have retreated. The company is licensed for property casualty and surplus lines in 48 US states, is a member of WSIA, and trades with A-rated or higher insurance markets. Submissions flow through licensed brokers with a stated 24-48 hour response commitment, supported by a self-serve platform (ClimateIQ) for portfolio upload and risk analysis.

The business model is commission-based: Plover operates as a general agent and earns commissions on bound business via a competitive commission split with its trading partners, with no charge for risk analysis or submission intake. The company has raised approximately $10.6M across seed and follow-on rounds from Y Combinator, Twine Ventures, Liquid 2 Ventures, RISE, and BoxGroup, with capital earmarked for team expansion and software automation. Recent strategic signals include the appointment of Brendan Beeg as SVP of Brokerage in 2024 and a partnership with CRC to launch Side X, a $2M parametric D&O product for SCAs.

Name

Plover Parametrics

Legal name

Plover Parametrics, Inc.

Website

https://plover.insure

Company type

Private

Founded year

2022

Operating status

Operating

Headcount range

1–10 employees

Short description

Plover Parametrics is a software-enabled specialty insurance brokerage and surplus lines general agent that distributes parametric insurance products for climate and natural catastrophe risks to retail insurance agents and brokers across 48 US states.

Ownership category

akta.pro rank

Product category

Specialty Insurance Brokerage

NAICS

Agencies, Brokerages, and Other Insurance Related Activities (5242)

SIC

Insurance Agents, Brokers & Service (6411)

akta.pro primary industry

Parametric Catastrophe Reinsurance (FSAOACAG)

Keywords

• Parametric insurance
• Specialty insurance brokerage
• Surplus lines insurance
• Climate risk analytics
• Catastrophe risk software

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Insurance Commission Revenue: Plover operates as a general agent for insurance companies, earning commissions on bound business. The company works off a competitive commission split structure shared between Plover and its trading partners (insurance carriers/brokers). No cost to receive risk analysis or to send in a submission.

Pricing tiers

Go-to-market motion2 records

Distribution channels2 records

Marketing channels5 records

Core offering

Plover Parametrics is a tech-enabled specialty insurance brokerage and surplus lines general agent that places parametric insurance products for climate and natural catastrophe risks (named storm, wildfire, flood, earthquake, tornado, hail, weather). The firm helps retail insurance agents and brokers place hard-to-place commercial accounts where admitted markets have retreated, using proprietary software that quantifies exposures, runs historical backtests against 150+ years of event data, and recommends parametric structures with pre-determined payouts tied to event triggers. Plover operates as a licensed general agent in 48 U.S. states and trades only with A-rated or higher insurance markets.

Product overview

Plover Parametrics operates as a single integrated specialty brokerage platform offering parametric insurance products for climate-related natural catastrophe risks. The core offering is the Plover Parametrics specialty brokerage (a surplus lines general agent), paired with a proprietary Risk Analysis Tool that enables brokers to quantify exposures, run historical backtests, and receive product recommendations. The brokerage distributes surplus lines parametric insurance products across seven verticals (High Net Worth, Logistics, Hospitality, Energy, Agriculture, Healthcare, and Real Estate) and seven peril categories (Named Storm, Earthquake, Wildfire, Flood, Tornado, Hail, and Weather). Plover's team of licensed brokers supports submission flow, with response times of 24–48 hours and access to specialty markets rated A or higher.

Differentiator

Problem solved

Functional benefit

Products and services

• Plover Parametrics Specialty Brokerage Surplus lines general agent and specialty brokerage that places parametric insurance for climate-driven perils on behalf of retail insurance agents and brokers when admitted carriers withdraw from markets.
• Risk Analysis Tool A presentation-ready analysis platform that quantifies exposure using FEMA Risk Ratings, backtests portfolios against 150+ years of live event sets aggregated from NOAA, NHC, USGS, NIFC, and NASA, and runs scenario impact assessments for hurricane, wildfire, earthquake, and tornado perils.
• Parametric Specialty Insurance Products Surplus lines parametric insurance products covering Named Storm, Earthquake, Wildfire, Flood, Tornado, Hail, and Weather (crop yield, precipitation, drought) perils, available across High Net Worth, Logistics, Hospitality, Energy, Agriculture, Healthcare, and Real Estate verticals. Payouts are pre-determined when parametric triggers (e.g., hail size, flood depth, seismic intensity) are met.

Quantifiable outcome

• Response time within 24-48 hours for all submissions
• +1 more outcomes

Segments8 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Scale indicators6 records

Recent moves6 records

Expansion highlights6 records

Emerging players

• AXA Climate: AXA Climate is the climate-focused subsidiary of AXA offering parametric and adaptation solutions for weather and NatCat risks. It overlaps with Plover's parametric offering and target verticals, but is more vertically integrated and primarily serves European rather than US agents.
• Raincoat: Raincoat provides parametric disaster insurance for emerging markets, paying out quickly based on verified climate events. It shares Plover's parametric catastrophe approach and reliance on public climate datasets, though it focuses on humanitarian and developing-country deployment rather than US commercial brokers.
• Otonomi: Otonomi offers parametric insurance for freight and supply chain disruptions triggered by defined events. Like Plover, it is a venture-backed insurtech building parametric products for non-damage business interruption, though focused on cargo rather than property cat risks.
• Stabilitas: Stabilitas provides parametric insurance and risk intelligence for security, political, and climate events. It shares Plover's parametric trigger architecture and reliance on aggregated third-party data, though it targets government and humanitarian buyers rather than commercial brokers.

Broad incumbents

• Swiss Re: Swiss Re is a global reinsurer that offers parametric and structured solutions for climate and weather risk. It overlaps with Plover's peril coverage but operates at institutional scale and through direct reinsurance relationships rather than broker-led distribution.
• Munich Re: Munich Re is one of the world's largest reinsurers with a dedicated parametric and NatCat franchise. It competes for the same catastrophe-exposed risk that Plover brokers, with deeper capital but less nimble distribution to mid-market US agents and brokers.
• Hiscox: Hiscox is a specialty insurer and broker serving small and mid-market commercial customers with hard-to-place risks, including catastrophe-exposed properties. It competes with Plover for the same class of agent and broker relationships in the US specialty market.
• RenaissanceRe: RenaissanceRe is a specialty reinsurer with a strong catastrophe book and growing parametric capabilities. It competes with Plover's carrier counterparties for catastrophe risk, providing a benchmark for the kind of risk appetite Plover is brokering into the surplus lines market.

Direct peers

• FloodFlash: FloodFlash is a UK-based parametric flood insurer that issues policies paying out when predefined flood depth triggers are met. Like Plover, it bridges a gap left by traditional indemnity carriers and uses parametric triggers tied to catastrophe data, though it operates as a direct insurer rather than a broker.
• Kettle: Kettle is a parametric reinsurer using AI and climate data to underwrite natural catastrophe risk. It shares Plover's parametric philosophy and focus on NatCat perils, but sits on the reinsurer side of the value chain rather than as a brokerage intermediary.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Funding overview

Funding rounds4 records

Investors5 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Plover Parametrics