New Paradigm co-founder Evan Glassman departs parametric specialist MGA

Share

New Paradigm Group, LLC, the Florida-headquartered specialist managing general agency focused on parametric insurance, reinsurance and risk transfer products, has announced the departure of its co-founder.

new-paradigm-parametricEvan Glassman co-founded the business alongside Chairman Bradley Meier almost a decade ago, with a vision to modernise parametric insurance and reinsurance, using innovative triggers in order to make the product more predictable, reliable and to minimise basis risk for clients.

The original vision of Glassman and Meier was to bring new insurance product technology, alongside efficient reinsurance and risk capital (including from the ILS market), to both the insurance and reinsurance market in Florida (or beyond), with an offering that filled a gap in existing property coverages, or supported insurer risk capital with responsive reinsurance protection.

In the early days, New Paradigm made very good headway, with a unique hurricane-hardened wind anemometer network around the US coastline that gave it an advantage over modelled parametric triggers, or those reported off NOAA data.

Glassman was instrumental in bringing the vision of efficient parametric coverage to market, in the early days of the company, while Meier has a strong track-record in the Florida insurance market and years of experience in navigating the global reinsurance marketplace. As a team they were responsible for raising the profile of parametric cover at a time when it was still seen as very niche and laden with basis risk by many.

The MGA expanded out into a range of other products, including parametric earthquake cover in recent years, but now the founders have parted ways, it seems.

New Paradigm announced that its co-founder and member Evan Glassman is no longer serving as an officer and director of the company and its subsidiaries, adding that he is no longer involved in their operations.

Co-founder Bradley Meier continues in the roles of New Paradigm Chairman and Chief Executive Officer, having assumed the CEO role in December 2020.

The firm said that “Meier remains supported by New Paradigm’s senior management team of Chief Operating Officer Gloria Hendrickson and Senior Vice President Mark Groenheide, who also serves as New Paradigm’s director of specialty programs.”

“New Paradigm is a leader in developing innovative risk transfers solutions, including the use of parametric coverages for stand-alone protection or to complement traditional programs,” Meier commented. “We remain committed to working with risk counterparties and their representatives to proactively tailor programs to their coverage needs.”

New Paradigm took an investment to help it grow its proprietary parametric platform from global reinsurance firm TransRe back in 2018.

———————————————————————
Artemis Live - ILS and reinsurance video interviews and podcastView all of our Artemis Live video interviews and subscribe to our podcast.

All of our Artemis Live insurance-linked securities (ILS), catastrophe bonds and reinsurance video content and video interviews can be accessed online.

Our Artemis Live podcast can be subscribed to using the typical podcast services providers, including Apple, Google, Spotify and more.
—————————————

Print Friendly, PDF & Email

Artemis Newsletters and Email Alerts

Receive a regular weekly email newsletter update containing all the top news stories, deals and event information

  • This field is for validation purposes and should be left unchanged.

Receive alert notifications by email for every article from Artemis as it gets published.