RMS taps insider for top job as CEO White exits after Moody’s takeover

Leading cat risk modelling firm  RMS has revealed a new general manager from within to succeed Karen White, who has stepped down following the completion of the  acquisition by Moody’s.

Michael Steel (pictured) has been appointed to its top leadership position of general manager. He takes over from White, who has led the company as chief executive officer (CEO) since March 2018.

Moody’s entered into a definitive agreement with Daily Mail and General Trust to acquire RMS (Risk Management Solutions) for $2 billion in August last year and the transaction completed in late third quarter of 2021.

Steel brings more than 30 years of experience in risk and capital management to the role. He most recently served as global head of business development at RMS and has been at the company since 2016.

Prior to joining RMS, Steel served as the group chief risk officer at AXIS Capital, following a career in reinsurance broking, including 12 years at Benfield (later Aon Benfield and now Aon Reinsurance Solutions). In addition to his role with RMS, he serves as an Independent non-executive director on the board of Allianz Re Dublin dac. Previously, he served as an independent NED on the board of Berkshire Hathaway’s international business, as an appointed director on the Casualty Actuarial Society, and as chairman of the Geneva Association’s CRO Network.

In his new role, Steel will work directly with Steve Tulenko, president of Moody’s Analytics, along with the Moody’s and RMS senior management teams.

He commented: “I’m honoured to have this opportunity at RMS, and excited to achieve our vision to ‘make every risk known’ to help our customers make better decisions and be more resilient.

“Together with Moody’s, our focus is to deliver Moody’s broader set of data and analytics to the insurance sector, expand our core offerings beyond the insurance sector, and accelerate the development of global integrated risk capabilities to address the next generation of risk assessment.”

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