Speciality re/insurer Convex Group has teamed up with risk analytics specialist Praedicat to help it identify, underwrite and manage complex emerging liability risks.
Praedicat’s AI technology analyses peer-reviewed scientific literature to identify hazards with the potential to create mass tort litigation before they become realities.
Under the partnership, Convex has licensed CoMeta, Praedicat’s cloud-based emerging risk analytics platform.
Paul Brand, deputy CEO at Convex, said: “We want to make our portfolios resilient to the ‘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, CEO at Praedicat, said: “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.”
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