Sciemus Appoints Rick Welsh as Chief Executive Officer and Names New Board of Directors
Sciemus, the leading provider of modelling and analytics to the global insurance markets as well as the space, power, solar, cyber, mining and wind industries, has appointed a new board of directors and chief executive officer.
Rick Welsh, who joined in 2015 to head up the cyber unit from AEGIS where he was Global Head of Cyber, is named Chief Executive Officer. Managing Partner of Noster Capital Jeremy Attard-Manché, Managing Partner of Hawkwood Capital Russell Duckworth, Sciemus Commercial Director Paul Tillett and Sciemus Operations Director Peter Niland have been appointed to the Board of Directors of London-based Sciemus.
The moves are part of a strategic change to use Sciemus’ modelling capabilities more effectively to create additional revenue and refine the business model to meet changing market conditions. Sciemus has traditionally worked in partnership with third party insurance providers to provide in-depth proprietorial data, predictive modelling and consultancy services to optimise underwriting performance and profitability. The company is refining and improving its underwriting models in space, power and mining and is calibrating its models for renewable energy to fuse with a range of new insurance and derivatives products. Sciemus is also developing a schema for underwriting and modelling cyber risk, as well as dynamically monitoring aggregate cyber exposure across all classes of insurance and reinsurance. These new products and services are now being provided as a Lloyd’s coverholder and managing general agent (MGA) with a team of in-house underwriters.
“Sciemus has successfully provided world-leading analytics to a range of insurance partners and industries delivering invaluable insights into their businesses,” said Mr Welsh. “Our analytics and computing professionals are using unique expertise, heritage and new technology to generate even more powerful data on complex and evolving risks. We now underwrite as a Lloyd’s MGA for cyber and power insurance and in conjunction with our strategic capital partners, we are planning to underwrite in other domains of expertise to create new approaches for underwriting via predictive modelling and exploit market dislocation in specialty insurance. By fusing our modelling expertise with in-house underwriting capability we will be able to enhance our revenue model and move away from what has historically been an underwriting services company. Our partnership with QinetiQ, the former research and development facility of the UK Ministry of Defence, will continue to play a key role in delivering our new strategy.
“2016 will be one of the most exciting and transformative years in the history of Sciemus. Our success has been built upon providing exceptionally high quality data and modelling expertise for our underwriting clients, generating loss ratios that outperform the market. We believe that our modelling and expertise will result in data being used to predictively model emerging and complex risk that will transform how markets underwrite, transfer and securitise risk. We are building what we believe will be the next generation modelling and specialty insurance firm.”
Mr. Welsh replaces Andre Finn, who left Sciemus in January 2016.
Issued by rein4ce on behalf of Sciemus.
About Rick Welsh:
Rick Welsh was appointed CEO of Sciemus Cyber in November 2015. Prior to that, he was Global Head of Cyber Insurance at AEGIS London. Mr. Welsh established the first Lloyd’s cyber consortium on behalf of AEGIS, Atrium, Canopius, Antares, Ark and Argenta providing a full range of cyber and data breach products. He has been a member of the Cyber Advisory Panel at Advisen and of the London Market Association Cyber Panel.
About Sciemus Founded in 2002, Sciemus builds risk analysis models for assets that are characterised by complexity and technology change, where historically there has been an over-reliance on experiential judgment and inadequate analysis. Sciemus is a specialty insurer of non-commoditised and emerging risk in cyber, space, renewable energy, power and mining using proprietary data, deep industry domain expertise and rigorous modelling capabilities to underwrite non-conventional risks. Strategic partnerships, most notably with QinetiQ, the former R&D facility of the UK Ministry of Defence, have played a key role in the development of Sciemus’ risk analysis models.
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