Reinsurer TransRe has invested in New Paradigm Group, a US-based provider of parametric insurance and risk transfer solutions. Details of the investment were not disclosed.
New Paradigm intends to use the capital to expand its parametric data platform. At the same time, the firm plans to strengthen its in-house structuring, marketing as well as support teams using the investment.
New Paradigm president Evan Glassman said: “Our proprietary data allows us to be at the forefront of the insurtech movement as we structure parametric transactions to meet the unique needs of policyholders and the insurance industry.
“Our relationship with TransRe will benefit New Paradigm as we expand our in-house team and work with brokers worldwide to help their clients solve problems with the protection gap.”
New Paradigm offers risk transfer solutions leveraging proprietary technology and parametric triggers.
At present, the business tends to clients in three countries. These include seven states in the US along with one US territory.
New Paradigm chairman Brad Meier said: “The global reputation and experience of TransRe and their interest in participating in the development of our business will enhance our ability to remain at the leading edge of structuring parametric transactions that meet the needs of protection buyers.”