Leadership changes have been announced at Property Claim Services® (PCS), the division of Verisk Insurance Solutions that collects and aggregates insurance industry loss data which is widely used in reinsurance, industry loss warranty (ILW) and catastrophe bond transaction.
Tom Johansmeyer has been appointed assistant vice president of PCS Strategy and Development, and Ted Gregory has been appointed director of Operations for PCS. Joe Louwagie, who currently leads the PCS business, will be transitioning into a new, broader role within Verisk Insurance Solutions.
Johansmeyer will be tasked with leading global efforts to expand PCS into new regions and lines of business, as well as driving strategy and developing a roadmap for new solutions.
Johansmeyer previously launched ISO’s reinsurance initiative, helping to bring together PCS with other business units from across Verisk, assisting in the creation of new data and analytics solutions to help improve risk and capital management activity in traditional reinsurance and the insurance-linked securities (ILS) market.
Johansmeyer’s work has led to broad adoption of PCS catastrophe designation in indemnity-triggered catastrophe bonds, an increased use of PCS data and triggers in cat bond lite transactions, and increased industry loss warranty (ILW) market penetration.
Johansmeyer commented on the announcement; “I’m looking forward to taking on this new role with PCS, the clear leader in catastrophe loss aggregation, and expanding it to include new regions and lines of business. Our recent work in offshore energy and global terror will benefit from the closer alignment with PCS, ultimately helping more original risk come to market and bringing more opportunity for our clients to attain sustainable profitable growth.”
In recent years Verisk has initiated a number of work streams to validate and create new solutions leveraging PCS data, targeting the ILS and alternative reinsurance markets. Given the breadth of data on claims and losses, as well as the cross-market expertise within the Verisk organisation, there is an opportunity for the firm to develop new solutions to measure risk transfer transactions.
Johansmeyer told Artemis; “Given our recent efforts to collaborate with other Verisk units to develop innovative solutions for our reinsurance and ILS market clients, I’m excited about the possibilities in front of us. As we mature our work around global terror and offshore energy risk-transfer solutions, closer alignment with PCS will provide a platform for significant opportunity going forward.”
The PCS operations for the United States, Canada, and Turkey, will continue to be led by Ted Gregory, where his team manages the catastrophe loss estimation process. Gregory has led the catastrophe loss estimation process since arriving at PCS two-and-a-half years ago.
Gregory commented; “I look forward to continuing the tradition of serving our clients, maintaining a structured and focused approach to developing industrywide loss estimates, and collaborating with Tom to improve the core service and enter new markets where we can help our clients grow.”
Joe Louwagie has been appointed vice president of Business Development, Verisk Insurance Solutions – Claims, where he will manage third-party business partner relationships that Verisk Insurance Solutions has in the claims sector, as well as identifying new analytical solutions for the claims sector. Louwagie will continue to support PCS during a transition period.
Johansmeyer and Gregory will both report directly to Richard Della Rocca, senior vice president of Verisk Insurance Solutions.
Della Rocca said on the appointments; “We’re very proud of the PCS leadership team that we’ve assembled. I believe Ted and Tom will be very effective in continuing our tradition of operational excellence in delivering high-quality, objective industrywide loss estimates while positioning PCS to meet the evolving needs of our clients and the markets we serve.”