A catastrophe risk modelling company has chosen its new global head of business development.
RMS has picked Michael Steel for the role, who will be joining the group’s executive committee.
Mr Steel had previously been serving in a strategic advisory role.
He first joined RMS in 2016, to help drive innovations in solving the key risk management challenges faced by insurers.
Mr Steel is also currently an independent non-executive director on the board of Allianz Re Dublin dac.
Mr Steel is reported to have 30 years’ experience in risk and capital management in the insurance industry.
Prior to RMS, he was the group chief risk officer at AXIS Capital, following a stint at reinsurance broking, including 12 years at Benfield (now Aon Benfield) where he led the ReMetrics team, in addition to leading teams in the development innovative solutions in the reinsurance and capital markets.
He has previously served as an independent non-executive director on the board of Berkshire Hathaway’s international business, a director on the Casualty Actuarial Society and chairman on the Geneva Association’s CRO Network.
Karen White, RMS chief executive said Mr Steel has brought a “wealth of experience and industry knowledge of the global insurance market” to the position.
“RMS clients have benefitted from Mike’s thought leadership and wholistic, pragmatic approach to bringing innovation to the insurance industry,” Ms White said.
“His unique perspectives and strong industry relationships built over years make him ideally suited to advance our business development efforts to bring new and differentiated value to our customers as our market evolves.”
He will be based in the RMS London office, reporting director to Ms White.
Mr Steel commented the insurance industry is at a “key inflection point in terms of harnessing advances in data, analytics and technology”.
“RMS has always been the leader in catastrophe modeling and the significant investments it is making in technology solutions will assist the industry to navigate through this transformation,” he said.
“I am excited by the direction and potential of RMS, and in our ability to deliver, innovate, and grow.”
RMS now has some 1,200 employees across 13 offices, including in the US, London, India, China, Zurich and Australia.
Sarah Simpkins is a journalist at Momentum Media, reporting primarily on banking, financial services and wealth.
Prior to joining the team in 2018, Sarah worked in trade media and produced stories for a current affairs program on community radio.
You can contact her on [email protected].
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