Apollo partners with Praedicat to harness emerging risk insights
Specialist re/insurer Apollo has partnered with risk analytics insurtech Praedicat to harness emerging risk insights to create new and innovative coverages it believes are “keenly needed” in the market.
The new three-year agreement will see Apollo deploy Praedicat’s technology and data for its underwriting and portfolio management.
The California-based casualty risk modeler Praedicat’s CoMeta platform creates underwriting insights using technology that searches and reads published biomedical and legal academic research investigating emerging risks from commercial products and activities, and from court dockets. CoMeta connects the risk information extracted by the technology to 128,000 profiled companies. The result is an unprecedented emerging risk underwriting resource.
James Slaughter, Apollo’s group chief underwriting officer, said: “Emerging risk has historically been a challenging area for underwriters to address. With Praedicat’s technology, we provide our underwriters with cutting-edge insights, our capital providers with the confidence that our portfolio is contemplating emerging risks, and our customers with the coverage they need to navigate an increasingly complex litigation environment.”
Praedicat chief executive Robert Reville said: “Our new engagement with Apollo explicitly includes collaboration to create new and innovative emerging risk coverages for Apollo customers. Apollo’s record with insurance product innovation is second-to-none in the Lloyd’s market and robust and tailored coverage is keenly needed in the market.”
“Apollo’s commitment to being the finest underwriters in the market is unwavering,” added Colm Lyons, Apollo’s head of casualty. “For casualty, when our people have access to the best data and technology on emerging risk, delivered into an efficient underwriting workflow to yield optimum results, we are fulfilling that commitment.”
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