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RMS appoints ex-Benfield capital markets head Steel to executive team


Risk modelling specialist RMS has made a new senior appointment, hiring Michael Steel, previously of AXIS and in the past head of capital markets at Benfield to its executive team in the position of Global Head of Solutions.

Steel will also will also chair RMS’s Europe Leadership Council and provide regional leadership to the RMS London and Zurich offices, two of the key global locations for the firm.

RMS said that his appointment “reflects the company’s increased commitment to its clients in the global risk and insurance industry.”

Steel has years of experience in insurance and reinsurance risk management practices, as well as capital markets and insurance-linked securities (ILS) knowledge gained through leading the capital markets group at broker Benfield Advisory (which became Aon Benfield). Alongside his leadership responsibilties, Steel will be tasked with helping to define and deliver high-value solutions at RMS.

Hemant Shah, CEO and Co-Founder of RMS commented on the appointment; “I am delighted to welcome Michael Steel to RMS. Michael is a widely recognized leader in our industry, who has pioneered and propagated risk analytics throughout the market. Michael will strengthen RMS’ ability to serve our clients as they compete on data analytics-driven decision making in a rapidly changing industry.”

Michael Steel added; “I have always been impressed by RMS’ commitment to investing in people and new technologies to better understand the risks that are affecting our industry. I look forward to bringing together the existing RMS expertise with some of the most talented individuals within our industry, to implement solutions that assist our customers’ in addressing their risk management, underwriting, and operational challenges and opportunities.”

Steel has over 25 years of experience in risk and capital management gained in insurance and reinsurance markets. Most recently he was Group Chief Risk Officer at AXIS Capital. Prior he spent 12 years at Benfield (now Aon Benfield), in roles including as a Director with Benfield Ltd and Benfield Advisory, Chairman and founder of the ReMetrics team at the broker, Global Head of the Capital Markets Group and Head of the Structured Products team. Prior to his time at Benfield, Steel was a key member of Instrat, Sedgwick Group’s Analytics and Structured Products team. Steel currently serves as Chairman of the Geneva Association’s CRO Network.

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