Sompo expands partnership with Praedicat

Sompo expands partnership with Praedicat | Insurance Business America

Sompo expands partnership with Praedicat

Sompo International Holdings has announced the expansion of its partnership with Praedicat, a liability emerging risk analytics company. Under the expanded partnership, Sompo will use Praedicat’s emerging risk framework, probabilistic liability catastrophe model and a new litigation tracking capability to support the proactive management of its global casualty portfolio.

“We are thrilled to be expanding our longstanding partnership with Praedicat,” said Shannon Totten, senior vice president and Bermuda casualty 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.”

“Sompo International has been a global leader in the application of modeling and data to casualty insurance,” said Praedicat CEO Robert Reville (pictured above). “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.”

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“Technology is changing the ways casualty insurers underwrite and manage risks,” said Chris Gallagher, CEO of Sompo International Commercial P&C. “Our excess casualty team in Bermuda have been pioneers in using third-party analytics to price and manage 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.”