EQECAT Inc., an extreme-risk modeling company, said that Commonwealth Insurance Co., a Canadian-based insurance provider, has signed a licensing agreement to use EQECAT’s WORLDCATenterprise platform and XML interface technology to create an integrated catastrophe management system. Financial terms of the agreement were not disclosed.
“To give our underwriters the most up-to-date technology in selecting the appropriate risk and delivering superior service to clients, we sought an efficient automation process that quickly organizes certain tasks for CAT modeling efforts,” said Bruce Gregg, chief information officer, Commonwealth Insurance Co.
“We are pleased that Commonwealth Insurance Co. has decided to license EQECAT’s WORLDCATenterprise platform and utilize our XML interface technology,” said Rick Clinton, president of EQECAT Inc.
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