Convex Group Limited (“Convex”), the international specialty insurer and reinsurer, has announced it is partnering with Praedicat, the liability emerging risk analytics company, to help Convex identify, underwrite and manage complex emerging liability risks. The partnership will advance Convex’s innovative strategy of growth through technology and data-driven underwriting.
Praedicat’s patented AI technology mines the global peer-reviewed scientific literature to identify hazards with the potential to develop into drivers of mass tort litigation before the hazards become major threats. Convex has licensed CoMeta, Praedicat’s cloud-based emerging risk analytics platform, to enable a highly scaled and forward-looking approach to managing emerging risks and translating risk insights into business decisions to drive sustainable, profitable growth over the long term.
Paul Brand, Deputy CEO at Convex, said: “We founded Convex as an innovative and technology-focused company built to insure today’s risks and to anticipate those of tomorrow. We want to make our portfolios resilient to “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.”
Convex places innovation at the centre of every client engagement, leveraging its unencumbered balance sheet and unrivalled underwriting expertise to deliver creative solutions for its clients, with a focus on collaborating with companies that embrace a similar approach to risk.
Dan Curran, Head of Casualty at Convex, said: “Convex prides itself as a market for large and sophisticated insurance risks with anything but plain vanilla requirements. Praedicat helps us to design relevant solutions for our clients’ complex coverage needs.”
Robert Reville, Praedicat CEO, 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.”