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NEWARK, Calif.—Catastrophe modeling firm Risk Management Solutions Inc. and RAND Corp. are launching a new company that will develop new liability catastrophe models for property/casualty insurers, RMS and RAND announced Wednesday.
The new company, Praedicat Inc., builds off of multiyear research and development projects by Santa Monica, Calif.-based think tank RAND and Newark, Calif.-based catastrophe modeler RMS on the identification and prioritization of emerging risks using modeling and computer science, the two said in a statement.
Robert T. Reville, a senior economist at RAND, will serve as CEO of the new company, which is expected to be based in Culver City, Calif.
Praedicat will focus on developing liability catastrophe models aimed at understanding catastrophes with a human cause for which businesses or people may be held liable, such as asbestos or climate change, the company said.
“With the emerging catastrophe risk technology that RMS and RAND have developed, the casualty insurance industry should be able to better manage man-made catastrophes while helping their clients avoid them,” Mr. Reville said in the statement.
“Modeling has transformed underwriting and catastrophe risk management decision-making for the property insurance market,” said Hemant Shah, president and CEO of RMS and a director of Praedicat, in the statement. “RMS and RAND, and now Praedicat, are excited to extend this transformation to the casualty insurance market.”