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.
Evan 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.”