Bermuda’s Montpelier Reinsurance has announced the launch of the Montpelier Risk Institute (MRI).The partnership with research institutions will target new methods for quantifying risk.The re/insurer said in a statement that the virtual risk institute will leverage the complementary capabilities of scientists and insurance specialists.Partnering with Montpelier Re in MRI are the University of Western Ontario (UWO), the affiliated Institute for Catastrophic Research (ICLR) in Ontario, Canada, and several private research institutions in Europe.“MRI was formed to promote global research, knowledge exchange, and advanced model development on natural catastrophe and man-made risk,” Montpelier Re said in a statement yesterday.“The Institute’s goal is to collaborate to better understand, calculate, mitigate, and hedge risk in a changing environment.” MRI will be overseen by a steering committee led by Dr. Gero Michel, chief risk officer and head of Risk Analytics at Montpelier Re, and composed of representatives from academia and government.“By fostering collaboration between scientists and insurance specialists, MRI will seek more accurate ways to assess risk across various scales, territories, and perils,” said Dr. Michel.“As risk becomes more interconnected in a changing environment and climate, it is very important that our models and risk assessment techniques evolve as well.”Chris Schaper, the president of Montpelier Re, said, “MRI is a win-win for Montpelier and our research partners.”He continued: “Participating scientists gain access to our extensive modelling capabilities for use in their research, and Montpelier benefits from additional talent to help us further enhance our risk analytic services for both our Montpelier and Blue Capital clients.”