Newark, Calif.-based RMS announced that Latin America reinsurer Reaseguradora Patria (Patria Re) has licensed its full range of models and analytical services for Latin America and the Caribbean.
These regions have a high exposure to natural catastrophe risk and produce a significant proportion of property segment losses for Patria Re, said RMS in a statement.
Patria Re seeks to grow in these markets by limiting losses through more sophisticated risk management practices, in which the RMS suite of catastrophe models “will play a central role,” the modeling company said.
“Patria Re is also seeking to compete more strongly with the established international reinsurers in these markets, by offering expanded RMS analytical services to its customers,” RMS said.
“We have a responsibility to work with the best risk management companies and use the best models and analytics to manage our catastrophe risk,” said Francisco Martínez, “vicepresidente de Suscripción,” underwriting at Patria Re. “By having access to the advanced science and modeling capabilities of RMS, we can offer truly customized coverage for our clients.”
RMS noted that it recently conducted studies to develop its understanding of hurricane risk in the Caribbean, Mexico and Central America as well as earthquake risk in Ecuador.
“To support our clients’ pursuit for competitive advantage and sustainable growth, we are continually extending and enhancing our models, risk data and analytics to reflect the diverse needs of the region’s countries, market segments, and individual firms,” commented Victor Roldán, regional head for Latin America at RMS.
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