Plover Parametrics Raises $5M

Plover Parametrics, a NYC-based technology-enabled commercial insurance brokerage, raised over $5M in funding.

Backers were not disclosed.

The company intends to use the funds to expand its brokerage team, invest in the software automation of its broking process, and support its program business.

Led by CEO Max Clarke, Plover has built a software-enabled commercial insurance brokerage focused on serving markets disrupted by climate change, specializing in wildfire, flood, wind and other perils where admitted carriers continue to pull back. The company helps agents and brokers win new business and retain clients by offering parametric solutions for NatCat, weather, and novel risks.

Plover also announced the appointment of Brendan Beeg, who will serve as Plover’s Senior Vice President of Brokering.

Commenting on the news, Max Clarke said: “The increasing severity of climate events, permissive building practices, and regulatory challenges have broken the insurance markets in much of the US. Mass admitted non-renewals in flood, storm and fire-prone areas are now common. When admitted markets pull back, E&S products need to be readily available to fill these gaps. We founded Plover to grow the market for specialty insurance that can keep American companies protected and open for business.”