Risk Management Solutions have sold their Climetrix weather derivatives software and data franchise to MDA EarthSat Weather. A copy of the press release is below.
ROCKVILLE, MD–(Marketwire – October 6, 2009) – Effective September 30, 2009, MDA EarthSat Weather (‘EarthSat Weather’) has acquired from Risk Management Solutions (‘RMS’) the entire weather derivatives software and data franchise, including the full rights to the Climetrix software.
Since the inception of the weather market, RMS and EarthSat Weather have been “founding members” of the industry through the joint development of weather data and analytics. Together with settlement grade and enhanced data products from EarthSat Weather, RMS has provided the first and longest continuously running commercial offering of weather data and analytics for pricing and aggregation of weather derivatives contracts.
“RMS has increasingly been focusing on its businesses of risk modeling, interpretation of analytics, and objective assessment of modeling uncertainty. In order to be increasingly aligned to our respective core strengths, EarthSat Weather has acquired the entire weather derivatives software and data franchise from RMS,” said Michael Kistler, senior product manager at RMS. “The Climetrix technical analysis and portfolio management tool remains a viable and exciting business that EarthSat Weather is looking to aggressively expand with its existing weather data business as a true ‘one-stop shop.'”
EarthSat Weather, with headquarters in Rockville, MD, provides consulting and customized forecasting solutions empowering clients to prosper in the commodity industries. EarthSat Weather provides a full range of credible forecasting and reporting services. “Our acquisition of Climetrix from RMS continues to show that EarthSat Weather is the leader in weather risk and commodity weather services, and supports our commitment to research, innovation and integrity for our clients,” said Greg Koeln, President of MDA Federal. “This acquisition will also enable EarthSat Weather to focus on services that will further benefit the markets we serve.”
About MDA EarthSat Weather
EarthSat Weather (http://www.mdafederal.com/wx) is the most experienced and tenured consulting group for weather risk and commodity weather support in the world. EarthSat Weather maintains a full short, medium, and long range forecast service, provides special reports on key market-moving concerns, and maintains high levels of communication and 24/7/365 consultation with its worldwide client base. Such key clients are included in the majority of weather risk, energy and agricultural markets. MDA EarthSat Weather is a business area within MDA Federal Inc., a provider of essential geospatial data and analysis for decision making.
About Risk Management Solutions (RMS)
Risk Management Solutions is the world’s leading provider of products and services for catastrophe risk management. More than 400 leading insurers, reinsurers, trading companies, and other financial institutions rely on RMS models to quantify, manage, and transfer risk. Founded at Stanford University in 1988, RMS serves clients today from offices in the U.S., Europe, and Japan. For more information, visit our web site at www.rms.com.