Risk Management Solutions (RMS), a provider of products and services for the management of catastrophe risk, announced that its Japanese affiliate, OYORMS, “has reorganized into two companies to more efficiently align products and services along the evolving demands of its market segments in Japan. One portion of OYORMS will be dedicated to serving the Japan insurance marketplace as RMS Japan, while another segment will focus exclusively on the risk management needs of corporate Japan, retaining the name OYORMS.”
RMS said that under the new organizational structure, it “will hold majority ownership of RMS Japan, while OYO will retain a majority share of OYORMS. RMS Japan will focus on catastrophic modeling and services for the insurance sector, and OYORMS will house technical engineering expertise and risk analysis services for the corporate arena.”
“The Japanese insurance market has demonstrated a sophistication that we feel would be best served with more direct ties to RMS,” noted Bill Keogh, who oversees global client relations at RMS. “RMS has the most extensive client service network of any catastrophe modeling firm, and this expanded commitment will enable a new level of client service and local market support for our clients in the Japan insurance market.”
As background RMS noted that OYORMS was formed in 1998, as a joint venture between OYO Corporation and RMS to create a market for the active management of catastrophic risk in Japan. Since then, the OYORMS client base has grown significantly in both the insurance and corporate risk sectors.
“This new RMS Japan-OYORMS strategy represents a continuation of the extremely successful partnership enjoyed by OYO and RMS over these years,” commented. Craig Van Anne, CEO of the original OYORMS joint venture. “The creation of separate organizations with shared expertise will now enable RMS Japan and OYORMS to benefit from market efficiencies while maintaining close ties to strategically leverage each other’s strengths.”
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