New Paradigm Underwriters, a specialist managing general underwriter and insurtech platform focused on parametric risk transfer, has announced the departure of co-founder and Board member Evan Glassman.
The company confirmed that, going forward, Glassman will no longer serve as an officer and director of New Paradigm and its subsidiaries and is no longer involved in their operations.
New Paradigm, which is backed by funding from TransRe, will instead continue to be led by its other co-founder, Bradley Meier, who remains in his post as Chairman, in addition to the CEO role he assumed in December 2020.
The wider management team will also continue to consist 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 stated alongside Glassman’s exit.
“We remain committed to working with risk counterparties and their representatives to proactively tailor programs to their coverage needs,” he added.
New Paradigm offers specialty risk transfer solutions for large commercial insureds, middle market accounts and personal risks, working with brokers, insurers and reinsurers to place parametric and other solutions, both on a stand-alone basis and as an integrated component of traditional risk management programs.
Back in 2018, New Paradigm received an investment from global reinsurer TransRe, the reinsurance arm of Alleghany Corporation, which it planned to use to expand its proprietary parametric data platform and also to enhance its in-house training structure, marketing, and support teams.
