New Paradigm Group Co-Founder Evan Glassman Announces Departure from MGA

The co-founder of New Paradigm Group, LLC, a Florida-based specialty general agency focused on parametric insurance, reinsurance, and risk transfer products, has left the company.

Source: Michigan News Times | Published on September 12, 2022

Evan Glassman and Chairman Bradley Mayer founded the company nearly a decade ago with the goal of modernizing parametric insurance and reinsurance through innovative mechanisms that make the product more predictable, reliable, and reduce basis risk for clients.

Glassman and Meyer's original vision was to bring new insurance product technology, as well as efficient reinsurance and risk capital (including from the ILS market), to the Florida insurance and reinsurance markets (and beyond), with an offering that filled a gap in the insurer's existing property coverage or backed risk capital with adaptive reinsurance protection.

New Paradigm had early success with a unique hurricane-resilient network of wind anemometers along the US coast, giving it an advantage over simulated parametric triggers or those reported by NOAA.

In the company's early days, Glassman was instrumental in bringing the vision for effective parametric coverage to market, while Meyer has extensive experience in the Florida insurance market as well as years of experience navigating the global reinsurance market. They were responsible as a group for raising the profile of parametric coverage at a time when many saw it as a very niche and loaded basis risk.

MGA has recently expanded into a number of other products, including parametric seismic coverage, but it appears the founders have split up.

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

Bradley Mayer, co-founder of New Paradigm, remains chairman and CEO of the company, taking over as CEO in December 2020.

Mayer "continues to be supported by New Paradigm's senior leadership team, which includes Chief Operating Officer Gloria Hendrickson and Senior Vice President Mark Greenheide, who is also New Paradigm's Director of Special Programs," according to the firm.

"New Paradigm is a pioneer in developing innovative risk transfer solutions, such as the use of parametric coverages as standalone protection or to supplement traditional programs," Meyer said. "We remain committed to proactively tailoring programs to the coverage needs of risk counterparties and their representatives."