AI-powered parametric insurance platform Mythen launched in Bermuda and Texas writing natural catastrophe risks.
Hamilton, Bermuda, 17 March, 2025 – Insurance Technology veteran Sandra DeSilva has announced the launch of Mythen, an artificial intelligence (AI)-powered parametric insurance platform and reinsurer writing natural catastrophe risks.
Mythen, which is based in Bermuda and Texas, comprises a team of global best-in-class (re)insurance and technology experts harnessing advanced technologies for providing liquidity and coverage for otherwise difficult to insure risks. The multi-disciplinary team of insurance, reinsurance, and technology veterans uses AI, Machine Learning, underwriting, modelling, remote sensing, and other technologies for developing insurance products, structuring coverage, and taking risk.
“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,” said Ms DeSilva. “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, encompasses a Texas-based managing general underwriter (MGU), as well as a claims service unit, Mythen Claims Services, and Mythen Re a fully collateralized Bermuda segregated cell unit called Eiger 2025. Mythen has partnered with Texas-based insurer Southlake Specialty Insurance Company, which provides A.M. Best A- VIII (Excellent) Rated paper, fronting, and leverage, while the MGU enjoys quota share coverage from partners of the wider reinsurance market.
"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," said Yogesh Kumar, CEO of Southlake. "Sandra’s team is addressing the critical challenge of providing first-dollar coverage in a complex market. After seeing the demo, we immediately recognized its potential to revolutionize how businesses manage wind exposure—and knew we had to be part of it."
At the heart of Mythen Insurance Services is a technology platform that links data, risk, forecasting expertise and measures for managing portfolios and covering insurance risk. Mythen has started underwriting windstorm, namely coastal US hurricane risk. This coverage uses parametric trigger products which minimise the time to pay claims as well as keeping internal expenses low. The product is engineered to be simple and easily accessible to brokers and clients. Mythen’s WindSpeed™ technology and internet platform enables instant quoting and portfolio management, while allowing for upscaling risk and seamless hedging.
