Reinsurance News

Sompo International expands partnership with Praedicat

22nd November 2021 - Author: Matt Sheehan

Sompo International Holdings Ltd., the global Bermuda-based specialty provider of property and casualty insurance and reinsurance, has expanded its partnership with Praedicat, the liability emerging risk analytics company.

The expanded partnership will enable Sompo International to use Praedicat’s emerging risk framework, probabilistic liability catastrophe model and a new litigation tracking capability to further support the management of its global casualty portfolio.

“We are thrilled to be expanding our longstanding partnership with Praedicat,” said Shannon Totten, SVP and Bermuda Casualty Insurance Practice Leader at Sompo International.

“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, Praedicat CEO, also commented: “Sompo International has been a global leader in the application of modeling and data to casualty insurance.”

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“They embraced forward-looking underwriting approaches ahead of the market,” Reville added. “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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