PEMBROKE, Bermuda, Nov. 17, 2021- Sompo International Holdings Ltd., a global Bermuda-based specialty provider of property and casualty insurance and reinsurance, has announced an expanded partnership with Praedicat, the liability emerging risk analytics company, to 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, Praedicat CEO, said: “Sompo International has been a global leader in the application of modeling 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.”
“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,” said Chris Gallagher, CEO of Sompo International Commercial P&C. “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.”
About Sompo International
Sompo International Holdings Ltd. (Sompo International) is a global specialty provider of property and casualty insurance and reinsurance, headquartered in Bermuda. Sompo International companies are wholly owned subsidiaries of Sompo Holdings, Inc., whose core business encompasses one of the largest property and casualty insurance groups in the Japanese domestic market. Sompo International is a company driven by its core values, a carrier that holds promise, trust, and the commitment to protect at the center of everything it does. We maintain excellent financial strength as evidenced by the ratings of A+ (Superior) from A.M. Best (XV size category) and A+ (Strong) from Standard and Poor’s on our principal operating subsidiaries. For more information about Sompo International, please visit www.sompo-intl.com.
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Praedicat is a liability emerging risk analytics company for casualty insurers and global industrial companies. Praedicat’s emerging risk framework makes emerging risk actionable across its lifecycle, helping companies to better identify liabilities early, track the risks and take action as they mature, and defend claims if litigation emerges. Praedicat is creating the technology for a growing and sustainable casualty market.
Praedicat was established in 2012, is based in Los Angeles, California and has offices in New York and London. Praedicat successfully participated in Lloyd’s Lab Cohort 3 and 5, partnered with Sompo International to win an SMA Underwriting Innovation award in 2019, and has made the InsureTech Impact 25 of 2020 list by Oxbow Partners as one of the top-25 most promising insurance technology solution providers. Praedicat’s ultimate aim is to deliver the science around health and environmental risks to businesses, driving smarter decisions that make the world cleaner, safer and healthier. To learn more, visit www.praedicat.com
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