NormanMax Insurance Holdings, a US-based parametric reinsurance group, has launched Syndicate 3939, managed by Apollo, an integrated insurance group.

NormanMax Syndicate 3939 has commenced underwriting, focusing on parametric natural catastrophe reinsurance products for hurricanes, tropical cyclones, tornadoes and earthquakes. The guild aims to address the natural disaster protection gap by using advanced data and technology to deliver parametric solutions globally amid increasing climate risks and volatility.

This syndicate is the first dedicated exclusively to standard natural catastrophe reinsurance solutions, marking a new era in the industry.

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Bradley Mayer, CEO of NormanMax, leads the company. Mayer previously founded Universal Insurance Holdings and Universal Property and Casualty Insurance Company and co-founded the New Paradigm Group, which specializes in modular underwriting. NormanMax’s management team has extensive experience in disaster risk assurance in climate-affected regions around the world.

Stuart Newcombe, former active underwriter for Munich Reinvention Syndicate 1840, will serve as active underwriter for Norman Max Syndicate 3939. His experience will guide the syndicate’s strategy and underwriting.

Read more: Apollo, Munich Re and TMHCCI are collaborating in the Construction Risk Consortium

NormanMax leverages private capital, a historic cornerstone of the Lloyd’s market, through partnerships with Argenta Private Capital Limited, Alpha Insurance Analysts and High Premium Group.

These partnerships aim to introduce a new era in disaster risk transfer at Lloyd’s. NormanMax’s private capital partners have been awarded a freehold lease, strengthening their long-term commitment. The company also received strategic support from Helios Underwring.

Guy Carpenter and GC Securities advised on Lloyd’s application and led the capital raising and reinsurance process. NormanMax has partnered with Apollo, which provides Lloyd’s dealership management services, to ensure long-term cooperation.

“This launch marks the official start of the global insurance revolution, and we are thrilled to partner with Apollo on this journey. As the risk landscape has changed over the past 300 years, so has Lloyd’s. Parametric insurance represents another milestone in Lloyd’s history of providing… Innovative products.

Mayer expressed his gratitude to the experienced team of reinsurance professionals focused on parametric climate solutions for natural disasters and highlighted the importance of joining the Lloyd’s market. He praised the support of the Lloyd’s team in preparing Syndicate 3939 for its launch.

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