By Henry Gale

May 14 - (The Insurer) - Arch Insurance has agreed to acquire the rights to a parametric securities class action insurance product from startup Plover Parametrics.

The Insurer was first to report in April 2024 that Plover had partnered with wholesaler CRC Group to launch Side X, a parametric cover that pays out upon a securities class action filing and fall in stock price. The product offered limits of up to $2 million, intended to cover losses that would otherwise be retained in a deductible.

Arch said in a statement last week that it had entered into an agreement to purchase the policy forms, intellectual property and distribution rights to the parametric securities class action offering.

Plover, which had also been operating as a wholesale broker, sold its book of business to Amwins last month. Brenden Beeg, previously the startup's senior vice president of broking, joined Amwins as vice president for alternative risk.