RMS, the Newark, Calif.-based global risk modeling and analytics firm, has opened a new office in Sydney, Australia, as part of its drive to support clients’ expansion in the Australian and New Zealand markets.
The focus will be to help re/insurers with the adoption of new models and to advise the region’s superannuation funds as they invest in insurance-linked securities (ILS).
The office’s managing director is Dr. Pierre Wiart, who will be responsible for client relationships and market development in Australia and New Zealand.
Discussing RMS’ modeling capability for this region, Wiart said the company’s earthquake HD model for New Zealand has been “offering clients advanced insights into seismic risk since it was released last year.” In addition, the cyclone and earthquake models for Australia will be updated next year, he noted.
“My task is to make clients’ adoption seamless and help them underwrite the best book of business, based upon best-in-class models,” Wiart continued.
Wiart started his career in catastrophe risk modeling in 2000 at RMS, before working for Aon, White Mountains Re in Bermuda, SCOR, QIC and IAG Re. His experience includes managing funds and providing consultancy in the ILS sector.
This is an expertise he will bring to investors in Australia and New Zealand who are looking to diversify into catastrophe risk, further strengthening RMS capital markets specialism in Asia-Pacific. He is also committed to driving forward the RMS agenda to help the industry close the protection gap, focusing on resilient solutions for the public and private sectors alike.
“It’s great to have Pierre back on board at RMS. Over the past decade he has gained experience across the international insurance industry, as well as with alternative capital and ILS,” said Paul Burgess, RMS regional vice president, client development in Asia-Pacific. “This insight will help RMS better support clients in the Australian and New Zealand markets, not only in property lines but in emerging classes of risk such as cyber.”
In addition to Sydney, RMS other offices in the Asia-Pacific region are in Delhi, Beijing, Tokyo and Singapore.