International specialty re/insurer Convex Group Limited has partnered with Praedicat, a risk analytics company specialising in emerging liability risks, to help identify, underwriting and manage complex casualty risks.
Praedicat’s AI technology mines global peer-reviewed scientific literature to identify hazards with the potential to develop into drivers of mass tort litigation before the hazards become major threats.
Convex has licensed CoMeta, Praedicat’s cloud-based emerging risk analytics platform, to help it manage these emerging risks and translate risk insights into business decisions.
“We founded Convex as an innovative and technology-focused company built to insure today’s risks and to anticipate those of tomorrow,” said Paul Brand, Deputy CEO at Convex.
“We want to make our portfolios resilient to ‘next asbestos’ and other types of future liability catastrophe events by understanding our emerging risk concentrations that could go undetected without the insights that Praedicat’s tools offer.”
“Working with Praedicat helps us to be confident that we are prepared for tail events when they happen, as they inevitably do.”
Robert Reville, Praedicat CEO, also commented: “In recent years, social inflation has increased concerns about large-scale liability risks. Convex’s application of new technologies allows them to outperform the market in this environment. We are delighted to be a key part of their liability strategy.”
“Convex prides itself as a market for large and sophisticated insurance risks with anything but plain vanilla requirements,” added Dan Curran, Head of Casualty at Convex. “Praedicat helps us to design relevant solutions for our clients’ complex coverage needs.”