RMS names Michael Steel as Global Head of Business Development

Global catastrophe risk modeller RMS has appointed Michael Steel, who previously served as the Group Chief Risk Officer at AXIS Capital, as Global Head of Business Development, joining the RMS Executive Committee.

Steel first joined RMS in 2016 as Global Head of Risk Solutions and prior to his appointment, had been serving in a strategic advisory role at the risk modeller.

He brings more than three decades of experience in risk and capital management acquired in the insurance industry. He joined RMS in 2016 from AXIS Capital after a career in the reinsurance broking sector, which included 12 years with Benfield (later Aon Benfield and now Aon Reinsurance Solutions) where he led the ReMetrics team.

In his new role, Steel will be based in London and will report directly to Karen White, Chief Executive Officer (CEO), RMS.

Commenting on the appointment, White said: “Mike brings a wealth of experience and industry knowledge of the global insurance market to his role. RMS clients have benefitted from Mike’s thought leadership and wholistic, pragmatic approach to bringing innovation to the insurance industry.

“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.”

In addition, Steel currently serves an Independent Non-Executive Director on the board of Allianz Re Dublin dac. Previously, he has served as an Independent Non-Executive Director on the board of Berkshire Hathaway’s International business, an Appointed Director on the Casualty Actuarial Society, and Chairman of the Geneva Association’s CRO Network.

Commenting on his new role, Steel said: “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. I am excited by the direction and potential of RMS, and in our ability to deliver, innovate, and grow.”