AI-powered parametric insurance platform Mythen launches for nat cat risks

Insurance technology veteran Sandra DeSilva has launched Mythen, an AI-powered parametric insurance platform and reinsurer specialising in natural catastrophe risks.

Based in Bermuda and Texas, Mythen brings together a global team of re/insurance and technology experts, using advanced technologies to provide liquidity and coverage for risks that are traditionally difficult to insure.

The team leverages AI, machine learning, underwriting expertise, modelling, remote sensing, and other tools to develop insurance products, structure coverage, and manage risk.

DeSilva said, “We are using the latest technologies and working with highly-skilled partner companies to penetrate deeper into the insurance market with products across the natural and other catastrophe risk spectrum.

“We are motivated to help combat climate change and close the widening insurance gap by providing the technology to administer global portfolios subject to climate risk and uncertainty.

“I am delighted with the team as we are addressing critical social and environmental needs.”

Mythen Holdings Bermuda oversees Mythen Insurance Services, a Texas-based managing general underwriter (MGU), along with Mythen Claims Services, a claims service unit, and Mythen Re, a fully collateralised Bermuda segregated cell unit called Eiger 2025.

Mythen has partnered with Texas-based Southlake Specialty Insurance Company, which provides A.M. Best A- VIII (Excellent) rated paper, fronting, and leverage. The MGU also benefits from quota share coverage through partnerships within the wider reinsurance market.

Yogesh Kumar, CEO of Southlake, said, “Mythen’s parametric solution is a prime example of Southlake’s dedication to innovation and the use of technology to drive the insurance industry forward.

“Sandra’s team is addressing the critical challenge of providing first-dollar coverage in a complex market. After seeing the demo, we immediately recognised its potential to revolutionise how businesses manage wind exposure—and knew we had to be part of it.”

Mythen Insurance Services is a technology platform that connects data, risk, forecasting expertise, and measures for managing portfolios and covering insurance risks.

Its parametric trigger products are designed for rapid claims payments while keeping costs low. The product is built to be simple and easily accessible to brokers and clients. Mythen’s WindSpeed technology and internet platform enable instant quoting and portfolio management, while allowing for scalable risk and seamless hedging.

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