Sciemus appoints new CEO and changes board
Sciemus, a provider of modelling and analytics to the global insurance markets, has appointed a new board of directors and chief executive officer.
Rick Welsh, who joined in 2015 to head up the cyber unit from AEGIS where he was global head of cyber, is named chief executive officer. He replaces Andre Finn, who left Sciemus in January 2016.
In addition, Jeremy Attard-Manché, the managing partner of Noster Capital; Russell Duckworth, managing partner of Hawkwood Capital; Paul Tillett, Sciemus commercial director; and Peter Niland, Sciemus operations director, have been appointed to the board of directors of London-based Sciemus.
According to Sciemus, the moves are part of a strategic change to use its modelling capabilities more effectively to create additional revenue and refine the business model to meet changing market conditions.
Sciemus is also developing a schema for underwriting and modelling cyber risk, as well as dynamically monitoring aggregate cyber exposure across all classes of insurance and reinsurance. These new products and services are now being provided as a Lloyd’s coverholder and managing general agent (MGA) with a team of in-house underwriters.
“Sciemus has successfully provided world-leading analytics to a range of insurance partners and industries delivering invaluable insights into their businesses,” said Welsh. “Our analytics and computing professionals are using unique expertise, heritage and new technology to generate even more powerful data on complex and evolving risks.
“We now underwrite as a Lloyd’s MGA for cyber and power insurance and in conjunction with our strategic capital partners, we are planning to underwrite in other domains of expertise to create new approaches for underwriting via predictive modelling and exploit market dislocation in specialty insurance.
“By fusing our modelling expertise with in-house underwriting capability we will be able to enhance our revenue model and move away from what has historically been an underwriting services company. Our partnership with QinetiQ, the former research and development facility of the UK Ministry of Defence, will continue to play a key role in delivering our new strategy.”
