RMS names new global head of business development

Catastrophe risk modeling company RMS has appointed Michael Steel as global head of business development as it looks to bring "new and differentiated value" to its clients.

Steel will also join the RMS executive committee and be based in the company's London office, reporting directly to its chief executive officer Karen White.

Steel first joined RMS in 2016 to help drive innovations to solve the key risk management challenges faced by insurers and had been serving in a strategic advisory role prior to his appointment. He has 30 years’ experience in risk and capital management gained in the insurance industry. Prior to RMS, Mike was the group chief risk officer at AXIS Capital, following a career in reinsurance broking, including 12 years at Benfield (now Aon Benfield) where he led the ReMetrics team, in addition to leading teams in the development of innovative solutions in the reinsurance and capital markets.

In addition to his role with RMS, Steel serves as an independent non-executive director on the board of Allianz Re Dublin dac. He has previously served as an independent non-executive director on the board of Berkshire Hathaway’s International business, an appointed director on the Casualty Actuarial Society and chairman of the Geneva Association’s CRO Network.

“Mike brings a wealth of experience and industry knowledge of the global insurance market to his role," said White. "RMS clients have benefitted from Mike’s thought leadership and wholistic, pragmatic approach to bringing innovation to the insurance industry. His unique perspectives and strong industry relationships built over years make him ideally suited to advance our business development efforts to bring new and differentiated value to our customers as our market evolves.”

Steel commented: “The insurance industry is at a key inflection point in terms of harnessing advances in data, analytics, and technology. RMS has always been the leader in catastrophe modeling and the significant investments it is making in technology solutions will assist the industry to navigate through this transformation. I am excited by the direction and potential of RMS, and in our ability to deliver, innovate, and grow.”