Sompo and Praedicat expand analytics partnership
Sompo International Holdings Ltd, the Bermuda-based specialty provider of property and casualty insurance and reinsurance, has expanded its partnership with Praedicat, the US-headquartered liability emerging risk analytics company.
Sompo said that it will use Praedicat’s emerging risk framework, probabilistic liability catastrophe model and a new litigation-tracking capability to further support the proactive management of its global casualty portfolio and to 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, chief executive officer of Praedicat, said: “Sompo International has been a global leader in the application of modelling 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, chief executive officer of Sompo International commercial P&C, said: “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.”