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AI-powered parametric insurer Mythen launches in Bermuda and Texas

Sandra DeSilva, president and chief executive of Mythen (Photograph supplied)

A new artificial intelligence-driven parametric insurer has launched in Bermuda and Texas, aiming to transform how natural catastrophe risks are underwritten and managed.

Mythen, founded by insurance technology veteran Sandra DeSilva, combines advanced AI, machine learning and remote sensing to provide liquidity and coverage for hard-to-insure risks.

“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, president and chief executive of Mythen.

“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.”

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

The company has partnered with Texas-based insurer Southlake Specialty Insurance Company, which provides AM Best A- VIII (Excellent) rated paper and fronting services. The MGU benefits from quota share coverage through partnerships with the broader reinsurance market.

Yogesh Kumar, chief executive of Southlake, said: “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.”

At the core of Mythen Insurance Services is a sophisticated technology platform that integrates data, risk analytics and forecasting to manage portfolios and provide coverage.

The company has begun underwriting windstorm risks, specifically coastal US hurricanes, using parametric trigger products designed for rapid claims payments and streamlined administration.

Mythen’s WindSpeed platform allows for instant quoting, portfolio management and seamless risk hedging, making the product accessible and scalable for brokers and clients. “I am delighted with the team as we are addressing critical social and environmental needs,” Ms DeSilva added.

Mythen plans to expand its offerings to cover other natural catastrophes, including flood, earthquake and hail, further reinforcing its role in advancing insurance solutions for climate-related risks.

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Published March 17, 2025 at 6:23 pm (Updated March 18, 2025 at 8:17 am)

AI-powered parametric insurer Mythen launches in Bermuda and Texas

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