Let It Snow, Let It Snow
Newsweek, February, 2008 by Linda Stern
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Betting on the weather may not sound like a business plan, but it’s what farmers, ski resorts and utilities do all the time. Now they’re turning to new financial products to hedge the risk. “Every November or December we get nervous,” says Eliot Peyser, CEO of Manhattan’s Weatherproof Garment Co. So this year he bought $10 million of insurance to protect against a warm winter.
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The insurance policy, arranged by weather-hedging specialty firm Storm Exchange of New York, is a step beyond the ...
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