Florida-based parametric insurer, reinsurer launches Lloyd’s syndicate

NormanMax Insurance Holdings Inc., a parametric insurer and reinsurer based in Fort Lauderdale, Florida, said Wednesday it has launched Syndicate 3939 at Lloyd’s, managed by Apollo Syndicate Management Ltd.

Syndicate 3939 has started underwriting parametric coverage globally for natural catastrophe risks, focusing on hurricanes, tropical cyclones, typhoons and earthquakes.

Stuart Newcombe, former active underwriter for Munich Re Syndicate 1840, has been appointed active underwriter.

NormanMax is led by CEO Bradley Meier, former founder, chairman and CEO of Universal Insurance Holdings and Universal Property and Casualty Insurance Group, and a co-founder of parametric specialist New Paradigm Underwriters LLC.