RMS, the catastrophe risk modeling company, has appointed Michael Steel as global head of business development.
Steel, who also joins the RMS executive committee, is based in London and reports to Karen White, RMS’ chief executive officer.
Steel joined RMS in 2016 to address the risk management challenges faced by insurers. He had already been serving RMS in a strategic advisory role. He has 30 years’ experience in risk and capital management in the insurance industry, having served as group chief risk officer at AXIS Capital. He also spent 12 years at Benfield (now Aon Benfield) where he led the ReMetrics team and developed reinsurance and capital markets products.
He also serves as an independent non-executive director on the board of Allianz Re Dublin and has served as an independent non-executive director on the board of Berkshire Hathaway’s international business. He was also an appointed director at the Casualty Actuarial Society and chairman of the Geneva Association’s CRO network.
White highlighted his “holistic, pragmatic approach to bringing innovation to the insurance industry” and his “unique perspectives and strong industry relationships.”
Steel said: “The insurance industry is at a key inflection point in terms of harnessing advances in data, analytics, and technology.” The significant investments RMS is making in technology will help the industry navigate through this transformation, he added.
RMS, Michael Steel, Karen White