It’s been revealed that New Paradigm Underwriters has committed to using electronic reinsurance trading platform, X-gRm, to place and purchase reinsurance coverage.
New Paradigm Underwriters is the originator of parametric insurance solutions, Hurricane PM™ & Industry Parametric Protection™ (IPP), and is looking to trade up to $100 million of capacity utilising the X-gRm trading platform, which was developed by Xchanging.
TigerRisk Partners was the first re/insurance broker subscribed to the X-gRm trading platform, and will act as an intermediary for New Paradigm.
Since the launch of the electronic reinsurance industry trading platform in 2015, more than 1,500 users from 130 reinsurance companies and capital providers have signed onto X-gRm.
Patrick Gonnelli, Partner and Global Head of ILS Distribution and Trading at TigerRisk Capital Markets & Advisory, said; “The X-gRm platform benefits both insurers and capital providers in several important ways. It provides all parties with full, up-to-date information in one central location, it streamlines the workflow process, and it creates a more efficient market.”
New Paradigm Underwriters specialises in providing risk transfer products that can cover historically difficult, or impossible to insure risks, as well as coverage for losses below traditional insurance deductibles.
President and Chief Executive Officer (CEO) of New Paradigm Underwriters, Evan Glassman, commented; “Industry Parametric Protection (IPP) is a new concept. Using the X-gRm platform enables us to quickly and accurately present a complete picture of how IPP can be an efficient hedge with unique benefits such as transparency and speed of settlement as compared to other alternatives to potential purchasers within the (re)insurance markets.”