Virginia-based tech firm Fractal Industries has acquired talent from across the industry for its reinsurance vertical.
Fractal, founded in 2015 by CEO Jason Crabtree and chief technology officer Dr. Andrew Sellers, offers an artificial intelligence-driven decision-making platform that helps businesses solve complex, real-world problems.
Earlier this year, the company expanded into the reinsurance and insurtech spaces.
The new vertical is led by Dr. Raveem Ismail, who most recently served as a specialty treaty underwriter for Ariel Re Bermuda.
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“There is no doubt that a tidal wave of change is coming,” Ismail said. “We are at a fascinating confluence of capabilities at this time. Third-party capital is looking to take on more than nat cat risk, disruptive peer-to-peer ventures are attempting to eat the bottom of the industry, and some of the more complex classes are expanding and changing. Huge swathes of cyber risk cannot be accumulated in traditional ways, and even the nature of the terrorism peril is shifting to currently uninsured types of economic loss – a very specific insurance gap. The tilting of losses towards intangible value at risk, that is not related to property damage, is undeniable.”
Joining Ismail are:
- Dr. Steve Smith, who has two decades of analytical broking experience and has led efforts at Beach Re, Tiger Risk, Willis Re, R K Carvill and ACE Tempest Re.
- Bharat Amin, who has 15 years of actuarial pricing and Lloyd’s experience
- Anant Borole, who will head up portfolio analysis
- Steve Johnson, a former and current UK reserve military officer with 20 years of political violence experience
“We are very proud to have a team which allows Fractal to bind the right partnerships in the reinsurance world,” Crabtree said. “Raveem and the entire Fractal team have been working tirelessly to build an exceptional system and models to enable underwriters and portfolio managers to spend more time devoted to evaluating and selecting the right risks across business lines. Human talent is finally freed up for innovation and progress by abstracting away the complexity, friction and monotony of legal systems and processes.”
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