Insurance technology veteran Sandra DeSilva has launched Mythen, an AI-powered parametric insurance platform writing natural catastrophe risks.
The company operates in Bermuda and Texas, bringing together a team of global experts in (re)insurance and technology.
The firm says Mythen harnesses AI, machine learning, remote sensing, and advanced modelling, to develop insurance products and structure coverage for difficult-to-insure risks.
Mythen Holdings Bermuda oversees Mythen Insurance Services, which includes a Texas-based managing general underwriter (MGU), Mythen Claims Services, and Mythen Re, a fully collateralised Bermuda segregated cell unit called Eiger 2025.
The firm has partnered with Texas-based insurer Southlake Specialty Insurance Company, which provides AM Best ‘A-’ VIII (‘Excellent’)-rated paper, fronting, and leverage. The MGU also benefits from quota share coverage through partners in the wider reinsurance market.
At the core of Mythen Insurance Services is a technology platform that integrates data, risk forecasting, and portfolio management tools.
The firm has started underwriting windstorm risks, focusing on coastal US hurricanes. The company states that its parametric trigger products are designed to speed up claims payments and keep operational expenses low.
DeSilva says: “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.”
She emphasises Mythen’s mission to address climate change and close the widening insurance gap. “I am delighted with the team as we are addressing critical social and environmental needs,” DeSilva adds.
Yogesh Kumar, CEO of Southlake, notes: "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."
