Convex Group has signed up to use Praedicat’s CoMeta platform to identify, underwrite and manage complex emerging liability risks.
Praedicat, a liability emerging risk analytics company, uses patented artificial intelligence technology to mine global peer-reviewed scientific literature to identify hazards with the potential to develop into drivers of mass tort litigation before they become major threats. CoMeta is its cloud-based emerging risk analytics platform.
Convex said the partnership advances its strategy of growth through technology and data-driven underwriting.
Paul Brand, deputy chief executive at Convex, noted that Convex had been founded 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,” he said.
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 chief executive, said: “In recent years, social inflation has increased concerns about large-scale liability risks.”
Convex, Praedicat, CoMeta, Paul Brand, Dan Curran, Robert Reville