Sompo expands partnership with Praedicat for global casualty portfolio
Global specialty re/insurer Sompo International Holdings has expanded its partnership with emerging risk analytics company Praedicat to further support the proactive management of its global casualty portfolio.
Sompo will use Praedicat’s emerging risk framework, probabilistic liability catastrophe model and a new litigation tracking capability to price and manage its global casualty portfolio risk and deliver positive client outcomes.
Shannon Totten, SVP and Bermuda casualty insurance practice leader at Sompo International, said: “We are thrilled to be expanding our longstanding partnership with Praedicat. For over a decade we have been pushing the boundaries at the intersection of underwriting and technology in casualty with the aim of helping create a more responsible marketplace for us to operate in.”
Robert Reville (pictured), chief executive officer of Praedicat, said: “ Sompo International has been a global leader in the application of modeling and data to casualty insurance. They embraced forward-looking underwriting approaches ahead of the market. With this expanded partnership, Sompo International continues to lead. It is a pleasure to partner with them and exciting to see their commitment to innovation and service to their customers.”
Chris Gallagher, CEO of Sompo International Commercial P&C, added: “Technology is changing the ways casualty insurers underwrite and manage risks. Our Excess Casualty team in Bermuda have been pioneers in using third party analytics to price and manage casualty portfolio risk. Through an enterprise-level partnership with Praedicat, we are pleased to expand our current North American complex casualty analytical approach to our International and Reinsurance platforms.”
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