Arch Insurance acquires parametric IP from Plover

Arch Insurance Company has agreed to acquire the policy forms, intellectual property, and distribution rights for Plover Parametrics’ securities class action parametric insurance product.

Founded in 2022, Plover Parametrics is a specialty brokerage and general agent that helps agents and brokers offer parametric insurance solutions for natural catastrophes, severe weather, and other emerging risks. Using proprietary software, Plover structures surplus lines coverage triggered by measurable events like earthquakes, hurricanes, and wildfires, with transparent backtesting and customizable policy parameters.

Previously, CRC’s wholesale brokerage unit partnered with Plover to launch a D&O product called Side X, which offers up to $2 million in limit, requires no deductible, and pays out when a securities class action is filed following a stock price drop.

Plover has raised $10 million to date, including a $5 million seed round last year. According to LinkedIn, the company has a team of five.