In this paper we describe a flexible and efficient new algorithm for model order reduction of parameterized systems. The method is based on the reformulation of the parametric system as a parallel interconnection of the nominal transfer function and the non-parametric transfer function sensitivities with respect to the parameter variations. Such a formulation reveals an explicit dependence on each parameter which is exploited by reducing each component system independently via a standard non-parametric structure preserving algorithm. Therefore, the resulting smaller size interconnected system retains the structure of the original with respect to parameter dependence. This allows for better accuracy control, enabling independent adaptive order determination with respect to each parameter and adding flexibility in simulation environments. It is shown that the method is efficiently scalable and preserves relevant system properties such as passivity. The new technique can handle fairl...