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Algorithmic Insurance Services, Inc., trading as LIRG, a specialist re/insurance platform focused on building, incubating and scaling managing general underwriters (MGUs) and managing general agents (MGAs) has appointed Nick Lamparelli as its new Chief Programme Officer. 
HandshakeIn this capacity, Lamparelli will lead the development and expansion of both LIRG-sponsored and third-party programmes. He will oversee the design, structuring and launch of specialty underwriting platforms across parametric and traditional risk classes, working closely with capital partners, distribution networks and global reinsurance relationships to deliver differentiated solutions.

Parametric insurance in Latin America is still at an early stage of adoption, but the building blocks for far faster growth are increasingly in place. The challenge, according to Mark Groenheide, founder, CEO and president of Algorithmic Insurance Services, which now trades as Latin International Reinsurance Group (LIRG), is not whether parametric works, but whether the market understands what it is designed to do. 
“I think our industry, for the most part, does a really bad job informing people about what parametrics actually are, which is just fact-based insurance,” Groenheide told Miami Reinsurance Week Today. “There are calculations and algorithms built into these things, but when you break it down, it’s actually very simple. Precisely defined things happen, and there’s a specified outcome.”

In a recent article published by The Insurer, industry participants highlighted the growing adoption of parametric solutions and hybrid industry loss warranties (ILWs) as balance sheets remain under pressure and buyers seek faster access to capital following major loss events. 
Mark Groenheide, CEO and President of LIRG™, noted that many cedents and retrocession buyers are increasingly unwilling to wait extended periods for traditional ILW payouts. As a result, buyers are turning to hybrid ILWs and parametric structures that allow for earlier claims payments based on objective triggers, often well before final industry loss figures are calculated.

American Takaful Insurance Solutions, the Takaful insurance division of Algorithmic Insurance Services Inc., has been appointed as the exclusive brokerage and advisory firm to support the development and reinsurance placement of Takaful America, the first large-scale Managing General Underwriter (MGU) in the United States based on Takaful-compliant cooperative insurance principles.

Specialty brokerage  LIRG™ has agreed a binder with reinsurer Ocean Re to provide parametric covers for terrorism, strikes, riots and civil commotion, political violence and cyber risks, the companies confirmed.

Algorithmic Insurance Services, Inc., dba LIRG, today announced its selection of MANiT Labs to serve as the core technology platform for its reinsurance brokerage operations. This partnership reinforces LIRG's mission to become a global leader in reinsurance broking and consulting by combining domain expertise with advanced automation and visibility.

Algorithmic Insurance Services, Inc., dba LIRG™, today announced the appointment of Steven Griswold as Chief Operating Officer, reporting to Founder and Chief Executive Officer Mark Groenheide. Griswold's appointment enhances LIRG's leadership team as the company continues to scale its global consulting and (re)insurance operations.

LIRG™today announced the appointment of Kurt Dinkelacker as Chief Financial Officer. A seasoned finance executive with more than two decades of leadership experience, Dinkelacker will oversee all financial strategy, reporting, and capital management for LIRG™as the firm accelerates its growth across specialty (re)insurance, programs, and advisory.

NormanMax co-founder Mark Groenheide is leaving the parametric-focused (re)insurer to launch cat-focused (re)insurance and advisory platform LIRG™, targeting underserved and catastrophe-exposed segments of the U.S. market.

Join Nick as he sits down with Mark Groenheide, CRO of NormanMax Insurance Services, a seasoned commercial underwriter and parametric enthusiast. Mark discusses the evolution and significance of parametric insurance, sharing insights from his career spanning underwriting, risk transfer, and the founding of a Lloyd's Syndicate. Learn about the practical applications of parametric insurance, its potential to address gaps in traditional indemnity policies, and its future in the insurance landscape. For insurance professionals looking to stay ahead of industry trends.