Joining weatherXchange as a Protection Seller
The weatherXchange® Platform acts a free sales force for Protection Sellers.
When a protection buyer ("Hedger") has finished structuring a weather hedge, they will send an RFP directly to their selected Protection Sellers. As one of these chosen Protection Sellers, you will then be able to contact them directly and if necessary discuss their request or simply respond with a firm or indicative price.
There are no brokerage or messaging charges associated with trades on weatherXchange. As a listed Protection Seller you are also eligible to join weatherXchange's marketing initiatives at trade shows and conferences.
Joining weatherXchange as a Protection Seller - MGA
Managing General Agents (MGAs) are companies able provide weather risk contracts directly as principals but using capital provided by relationships with one or more insurance companies.
MGAs typically are only able to transact smaller contracts and may have regionally focused operations possibly with specialized industry knowledge and expertise (eg agriculture). Some MGAs may offer a hybrid model whereby for larger transactions they may switch to a Broking model. MGAs are not permitted to act in this dual capacity on the weatherXchange Platform
The criteria for becoming a Protection Seller is as follows:
- You have licenced the weather data necessary to respond to pricing requests from Hedgers, the SuperPack® Premium licence.
- You request and pay for Speedwell Settlement Services for any deals originated on weatherXchange or arising from a relationship created by weatherXchange.
- You submit some basic details as part of our Know-Your-Customer (KYC) process for compliance purposes.
Speedwell Settlement Services include the provision of Settlement Data, any Settlement Notifications and the final Settlement Certificate to all named "Permitted Counterparties", all provided as defined in the Settlement Data Contract. Such Permitted Counterparties will normally include the Hedger and any Broker-Advisor, if applicable.
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