Exclusive: Groenheide leaving NormanMax to launch specialty platform Lightspeed Insurance & Risk Group

By James Thaler

July 1 - (The Insurer) - NormanMax co-founder Mark Groenheide is leaving the parametric-focused (re)insurer to launch cat-focused (re)insurance and advisory platform Lightspeed Insurance & Risk Group (LIRG), targeting underserved and catastrophe-exposed segments of the U.S. market.

A spokesperson for LIRG confirmed its launch and said it would operate as the newest division of Newport Beach, California-headquartered specialty platform Algorithmic Insurance Services, with Groenheide serving as co-founder, president and CEO of the new entity.

They said LIRG will operate as a full-service (re)insurance and advisory platform focused on delivering innovative risk solutions to underserved and catastrophe-exposed segments of the U.S. market.

It will offer services across three core areas: retail and wholesale insurance brokerage, reinsurance advisory, and program development.

Its initial focus will include trucking and transportation, catastrophe-exposed property, high-net-worth personal lines, and specialized program structuring for captives, MGAs, and parametric coverages.

LIRG’s operations will launch out of Miami, which it said positions it “at the heart of the country’s evolving risk landscape”.

The company also said it will operate nationally, with growth planned through carrier partnerships, reinsurance relationships, and affiliated MGAs on the Algorithmic platform.

Groenheide previously co-founded NormanMax, the first parametric-only natural catastrophe syndicate at Lloyd’s of London, where he was chief revenue officer, after previously working at GuideOne, HDI Global, Zurich North America, and Generali.

He is co-founding the company with Larry Lipman, whom LIRG described as an insurance technology and infrastructure expert.

Armin Dzanic ,a licensed insurance broker with deep experience in logistics, transportation, and commercial lines, has been appointed chief sales officer.

“We’re proud to introduce LIRG as a forward-thinking platform built for speed, discipline, and clarity,” Groenheide said in a statement to The Insurer.

“This is about bringing real solutions to market, particularly for risks that don’t fit easily into legacy systems. We’re excited to get to work,” he added.

Brad Meier, co-founder and CEO of NormanMax, also commented on Groenheide’s departure.

“Mark played a foundational role in co-founding NormanMax and shaping its vision as the world’s first parametric-only NatCat syndicate at Lloyd’s,” Meier said in a statement.

“His leadership was instrumental in getting the platform launched. We thank him for that contribution and wish him continued success with LIRG,” he added.