A number of the newly established Class of 2020 insurance and reinsurance companies and ILS fund specialists have signed up to use AIR Worldwide risk models to help them manage catastrophe risk.
They include London-listed Bermuda re/insurer Conduit Re, excess and surplus lines (E&S) specialist underwriter Core Specialty, London headquartered and Lloyd’s market focused specialty player Inigo Ltd, insurance-linked securities (ILS) fund manager Integral ILS Ltd, and re/insurer with an ILS leaning Vantage Risk.
“As a pure play global reinsurance business with an ambition to write a profitable and well-diversified book of business, it was important for us to find a modeler who understood our needs and was able to offer sophisticated yet easy to use solutions to help manage our growing reinsurance portfolio,” explained Trevor Carvey, CEO of Conduit Re. “With this in mind, we selected AIR because of their commitment to providing the best in class catastrophe models coupled with cutting edge software technology, which was easily integrated into our underwriting platform and workflow.”
“As a new insurer focused on the Lloyd’s market, we determined very quickly that AIR’s models and software were able to provide solutions for all of our key specialty lines, including reinsurance and property insurance, and also provide in short order a valuable portfolio roll-up capability,” Russell Merrett, CUO of Inigo Ltd. said.
“Vantage Risk’s initial launch has been very successful in Reinsurance. AIR’s Touchstone platform gives us the ability to speedily and quantitatively assess the opportunities presented to us, and to distinguish ourselves already as a new entrant in the catastrophe market,” stated Chris McKeown, Chief Executive of Reinsurance and ILS for Vantage Group.
“We’re extremely proud to have so many innovative insurance companies from the class of 2020 select AIR over other solutions and rely on AIR model results as their preferred view of risk,”Milan Simic, executive vice president and head of Global Business Development, Verisk Insurance commented. “Coupled with our unique technology and expertise, our strong determination to help customers flourish make Verisk a great innovator in this exciting phase of the growth of the global (re)insurance market.”
On top of these new clients, AIR said that other companies are selecting it as their modeler of choice, switching from other solutions, including investor that allocates to insurance-linked securities (ILS) and reinsurance Quantedge Capital.
“As an alternative investment asset manager with specific needs for managing catastrophe risk, we were glad that AIR have been able to combine a collaborative approach to doing business with superior catastrophe models and a software platform that is ideally suited for helping manage our portfolio,” explained G Ping Lee, Analyst, Quantedge Capital.
“We’re thrilled to see such a varied group of (re)insurance companies select AIR as their preferred modelling firm,” Rob Newbold, executive vice president, AIR Worldwide said. “It seems that one thing that pure play reinsurers, Lloyds-focused insurers, and alternative asset managers across the world have in common is that they all trust AIR to provide model results that can be reliably used as the main view of risk, and a software platform that meets the increasing needs for performance, transparency and flexibility.”
Models remain critical inputs to decision-making in insurance, reinsurance and ILS, informing allocation and portfolio management decisions.