US-based reinsurer TransRe has invested in parametric insurance product provider New Paradigm Group. The insurance start-up will use the capital to expand its data capabilities while also strengthening its marketing and support teams. “Insurers are increasingly looking for ways to improve their ability to predict risk and reduce costs associated with insuring against risk,” said David M. Miller, president of TransRe’s North American operations.
US-based reinsurer TransRe has invested in parametric insurance product provider New Paradigm Group. The insurance start-up will use the capital to expand its data capabilities while also strengthening its marketing and support teams. Paradigm operates in three countries, being active in seven US states.