Overview
New Paradigm Underwriters (NPU) is a parametric insurance MGA that underwrites commercial catastrophe risk for property owners, municipalities, and institutional clients across the United States. The company focuses exclusively on parametric insurance lines, a segment where traditional indemnity coverage leaves gaps due to high deductibles or outright exclusions.
NPU underwrites windstorm, earthquake, terrorism, and flood risks using proprietary data analytics and real-time event data rather than loss adjustment. Capacity is sourced from traditional insurers, insurance-linked securities (ILS) investors, and Lloyd's of London syndicates, including Aegis and Talbot Underwriting. The company holds Florida MGA license #W149833 and California license #0N07286, with capacity rated A/A+ XV by A.M. Best.
Founded by Bradley I. Meier (former Chairman and CEO of Universal Insurance Holdings) and Evan Glassman, NPU received a strategic investment from TransRe (Alleghany Corporation) in 2018 and was acquired in June 2024 by NormanMax Insurance Solutions, a Lloyd's-backed parametric re/insurer. The brand operates independently under NormanMax ownership.
Products & Services
Hurricane PM(R)
Parametric windstorm coverage that activates based on wind speed readings from the WeatherFlow hurricane anemometer network, which spans 100 hardened stations from Texas to Maine. Provides first-dollar coverage for wind damage not covered by traditional policies or falling below standard deductibles.
Key Features
- Triggers based on measurable wind speed thresholds
- Zero deductible structure
- Rapid claims settlement -- often within days of qualifying event
- Fills gaps left by traditional wind deductible structures
Target Users: Commercial properties, municipalities, healthcare facilities, hospitality and gaming operations, educational institutions
Distribution: Wholesale and retail broker channels
Wind Deductible Buy Back (WDBB)
Supplemental product that reduces out-of-pocket costs for policyholders subject to high percentage wind deductibles in coastal property policies.
Key Features
- Buys back percentage-based wind deductibles
- Complements existing property programs
Target Users: Commercial property owners in coastal markets with high wind deductible exposure
Distribution: Wholesale broker channels
Shake and Pay(R)
Parametric earthquake insurance that triggers based on seismic event measurements. Developed with internal actuarial leadership.
Key Features
- Triggers based on seismic parameters at the policy location
- Covers losses not addressed by traditional earthquake deductibles
Target Users: Commercial property owners in earthquake-prone zones
Distribution: Wholesale and retail broker channels
TerrorismPM(R)
Parametric terrorism coverage providing loss of income protection following qualifying terrorism events. Capacity provided by Lloyd's syndicates Aegis and Talbot Underwriting.
Key Features
- Parametric trigger based on designated terrorism events
- Loss of income focus
- Lloyd's-backed capacity
Target Users: Music venues, hotels, retail operations, and other high-foot-traffic commercial properties
Distribution: Wholesale broker channels
Flood Insurance
Parametric flood coverage addressing gaps not covered by traditional flood policies, including NFIP limits and business interruption.
Key Features
- Fills NFIP coverage gaps
- Includes business interruption component
Target Users: Commercial properties in flood-prone areas with NFIP gaps
Distribution: Wholesale broker channels
PeakZone PM(R)
Reinsurance product designed for peak catastrophe zone risk transfer, providing cedants with supplemental reinsurance capacity.
Key Features
- Targets peak CAT zone exposures
- Efficient mechanism for concentrated catastrophe risk transfer
Target Users: Insurance carriers and reinsurers needing supplemental catastrophe reinsurance
Distribution: Direct to reinsurance buyers
Industry Parametric Protection (IPP(R))
A bespoke Industry Loss Warranty (ILW) alternative offering transparent, rapidly settling catastrophe risk transfer based on industry loss triggers.
Key Features
- Industry loss trigger basis
- Rapid settlement
- Customizable to specific risk profiles
Target Users: Commercial real estate, municipalities, energy, gaming, and high-value residential sectors
Distribution: Direct to reinsurance and institutional buyers
At a Glance
- Founded
- 2013
- Headquarters
- Miami, Florida
- Employees
- 11-50
Category & Focus
- Category
- Specialty Solutions
- Insurance Verticals
- P&C Commercial Specialty/E&S Reinsurance
- Target Customers
- Brokers, Reinsurers
Links
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Last updated: 2026-06-04