The deal will see FloodFlash continue to operate as a managing general agent (MGA) and Lloyd’s coverholder, ensuring its innovative parametric flood insurance product remains accessible to distributors and customers in the US, UK, and other markets.

The acquisition marks a significant step for both companies, aligning FloodFlash’s cutting-edge parametric technology with NormanMax’s expertise in the sector.

Adam Rimmer, CEO and co-founder of FloodFlash, expressed enthusiasm for the deal. “We are thrilled to join forces with NormanMax and collaborate with Brad and his team. This partnership was an easy decision—combining a world-first parametric product with the first parametric Lloyd’s syndicate creates powerful growth opportunities. It strengthens our relationships with brokers and customers in the US and UK, accelerates our expansion into new territories and perils, and furthers our mission of helping more people recover from catastrophe using parametric insurance.”

NormanMax CEO Brad Meier echoed this sentiment, emphasizing the value FloodFlash brings to the company’s portfolio. “NormanMax is excited to acquire FloodFlash, a company that has revolutionized parametric flood insurance through its innovative sensor technology. Providing cutting-edge insurance solutions is central to our mission, and this acquisition enhances our ability to protect customers from one of the most common natural disasters worldwide. We look forward to working with Adam, Ian, and the FloodFlash team to drive the next phase of growth.”

Pending regulatory approval, the acquisition is expected to position both companies for rapid expansion, leveraging their combined expertise to push the boundaries of parametric insurance and offer more comprehensive protection against flooding risks.