Parametric risk transfer specialist New Paradigm Group, LLC has announced the hiring of industry veteran Mark Groenheide as Senior Vice President & Director of Specialty Insurance Programs.
Groenheide joins New Paradigm from his most recent position as President of CGA Insurance Services, a managing general underwriter (MGU) subsidiary of GuideOne Insurance.
As Senior Vice President & Director of Specialty Insurance Programs at New Paradigm, Groenheide is being tasked with leading a a specialty unit dedicated to enhancing the firm’s initiatives for aligning parametric risk transfer options with protection buyers’ traditional insurance or reinsurance programs.
Integration of parametric risk transfer within the traditional construct of an insurance or reinsurance tower is a critical step in the evolution of parametric risk transfer.
The companies that can devise ways to leverage technology and data, alongside innovative triggers and structuring, to more seamlessly integrate parametrics into protection buyers’ programs, will ultimately be the winners in the space.
“We’re excited that Mark has joined our team,” Bradley Meier, New Paradigm’s Co-Founder, Chairman and Chief Executive Officer explained. “Mark is one of the industry’s foremost thought leaders for cutting-edge risk transfer programs. His expertise will complement our current and planned initiatives for innovation in the parametric risk transfer arena.”
Before his most recent roles at GuideOne Insurance Company, Groenheide held senior positions at HDI Global Insurance Company, and Zurich Insurance Company.
New Paradigm is expanding its team to help drive further innovation and growth within the parametric risk transfer, insurance and reinsurance space.
The company leverages proprietary technology and intellectual property within its range of products, enabling New Paradigm to offer unique parametric programs with features that are not available elsewhere in the industry.
The company has provided parametric risk transfer solutions to corporates, municipal and re/insurers, across a range of perils from defined catastrophe exposures such as hurricanes and earthquakes, to more specialised risks such as terrorism.
“I look forward to serving the industry in this new capacity,” Groenheide commented on his hire. “New Paradigm is known for its innovation and its commitment to closing the protection gap that exists in many traditional insurance programs. I am grateful for the opportunities I’ve had at GuideOne and other insurers throughout my career. In my new role, I look forward to continuing to work with these companies and other participants throughout the risk transfer value chain.”
New Paradigm Co-Founder Evan Glassman added, “We continue to see growing demand for parametric risk transfer solutions as clients embrace their transparent, rapidly-settling claims processes that help bring certainty and closure to transactions. Mark understands our goal of our integrating parametric solutions into traditional programs, especially in the corporate and municipal sectors. His insights in these areas are unparalleled and will be a key part of our strategic growth going forward.”