Newark, Calif.-based Risk Management Solutions (RMS), which provides products and services for the management of catastrophe risk, announced that Beaufort Underwriting Agency Ltd., on behalf of its managed syndicate MSF Pritchard – Syndicate 318, has licensed RMS’ RiskLink® catastrophe modeling platform for use in managing its portfolio of insured risks.
“This license agreement is a testament to the increasingly critical role of exposure and catastrophe modeling management for the Lloyd’s market, which has been at the forefront of applying catastrophe models both for underwriting and internal risk management strategies,” said the bulletin. “RMS licenses the RiskLink® catastrophe modeling platform to 20 of the 25 largest Lloyd’s managing agents. In total, RMS models are used by 24 of Lloyd’s managing agents, representing almost 78 percent of the total Lloyd’s market capacity.”
“Licensing RMS catastrophe models highlights our commitment to continuously developing the sophistication of our exposure management strategy, and is an important addition to our existing systems,” noted Michael Pritchard, Active Underwriter of Syndicate 318. “RMS has consistently demonstrated its ability to push the horizons of risk modeling, and we look forward to working together during this exciting time for Beaufort.”
Beaufort will license peril models for the U.S., Caribbean, and U.K. to help manage exposures in these key insurance markets. The Syndicate will particularly take advantage of the May 2006 upgrades to the RMS U.S. and Caribbean Hurricane models, which include major lessons learned on storm and surge behavior and building, contents, and time element vulnerability to accurately simulate the potential range of damage an insurer can expect to experience due to a hurricane event.
Jason Futers, vice president of the RMS London market practice added: “We are delighted to partner with Beaufort in their strategic application of our products and services, and look forward to continuing our collaboration with them and other insurers and reinsurers in the U.K. market. In addition to a broad range of expertise from scientists, engineers, and modelers across the RMS organization, we are confident that Beaufort will benefit from direct access to more than 75 representatives in the RMS London office.”
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