New Paradigm Underwriters, the Florida based parametric specialist managing general agency that sells parametric insurance and reinsurance products, which are at times backed by ILS capital, has announced a new hire, as Evan D. Bull joins the firm as Executive Vice President.
New Paradigm Underwriters created the parametric re/insurance products Hurricane PM™ & Industry Parametric Protection™ (IPP), which utilise proprietary technology and data recorded by hurricane hardened anemometers to offer supplemental insurance coverage products, as well as risk transfer products for reinsurance or retrocession purposes.
Bull joins New Paradigm from his most recent position as a managing director at brokerage Beecher Carlson where he led business development. Prior to that, Bull was national property practice leader at Burns & Wilcox.
Bull is best known though for his years spent at Marsh, where he began his career in the mailroom while still a student at the College of Insurance and ultimately worked his way up to become a managing director of the broker’s US Property Practice located in New York.
Bull has more than 25 years experience in the insurance market, much of it broking large and commercial property policies for corporate clients, an area of significant opportunity for New Paradigm and its parametric insurance offerings.
Bull was responsible for the development of a number of unique products that have since become standard offerings in the marketplace. Again, parametric products can be sensitized to offer unique coverage to corporates to protect them against the impacts of storms, or other weather, catastrophe and man-made perils. Hence Bull’s product development experience could be a useful addition to the New Paradigm offering.
“Throughout his career, Mr. Bull has created a range of highly innovative business interruption and income disruption products,” commented Evan Glassman, President and CEO of New Paradigm. “His ability to recognize and solve client needs will be invaluable to New Paradigm and our clients.”
“Climate change is already taxing the ability of traditional insurance to provide adequate coverage, especially for businesses,” added Bull. “The time has come for New Paradigm’s Hurricane PM line of parametric-based products. I look forward to reconnecting with many of my old colleagues and clients, and educating them on how parametric products supplement traditional insurance to provide a much more complete balance sheet and budget protection.”
Parametric coverage is also important for insurance and reinsurance firms as well, offering a way that an insurer can insurer its own capital and protect its shareholders better, while reinsurers too can use parametric risk transfer to secure fast-paying coverage to help them pay their own claims after disaster, or to protect their shareholder capital.
Of course parametric triggers can also provide a valuable hedging tool for ILS funds as well, responding quickly to catastrophe conditions to enable payouts that can aid investment manager liquidity.
Bull developed products to provide standalone cancellation of booking insurance cover for the hospitality industry, as well as income disruption covers for the entertainment, gaming, hospitality and sporting events industries, during his career.
Parametric triggers could be integrated to provide similar types of protection to large corporates and other entities and Bull’s expertise and contacts could help New Paradigm secure new clients and expand its product range.