Class of 2020 insurers select AIR for catastrophe risk modelling
Newly formed insurance industry companies that are part of the “Class of 2020” have chosen AIR Worldwide to help them model and manage catastrophe risk.
Bermudian-based Conduit Re, Vantage Risk and Integral ILS Ltd, are among those who have opted to use AIR, a Boston-headquarted company that has been providing risk modelling solution since 1987.
Trevor Carvey, chief executive officer of Conduit Re, said: “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 modeller who understood our needs and was able to offer sophisticated yet easy to use solutions to help manage our growing reinsurance portfolio.”
He added: “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.”
Chris McKeown, chief executive of Reinsurance and ILS for Vantage Group, 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.”
Other companies in the class of 2020 who have selected AIR include Core Specialty and Inigo Ltd.
AIR is a subsidiary of Verisk Analytics Inc. Milan Simic, executive vice-president and head of global business development, Verisk Insurance, said: “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."
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.”