Insurance Industry Continues to Select Verisk’s AIR as its Modeler of Choice for Catastrophe Risk Management, Including Class of 2020
Boston, May 20, 2021 (GLOBE NEWSWIRE) -- Catastrophe modeling firm AIR Worldwide announced that newly established international insurance and reinsurance companies from the “Class of 2020,” have selected AIR as their modeler of choice to help manage their catastrophe risk. The so-called Class of 2020 is a group of insurance, reinsurance and specialty companies formed in 2020, including Conduit Re, Core Specialty, Inigo Ltd, Integral ILS Ltd, and Vantage Risk. AIR Worldwide is a Verisk (Nasdaq:VRSK) business.
“As a pure play global reinsurance business with an ambition to write a profitable and well-diversified book of business, it was important for us to find a modeler who understood our needs and was able to offer sophisticated yet easy to use solutions to help manage our growing reinsurance portfolio,” said Trevor Carvey, CEO of Conduit Re. “With this in mind, we selected AIR because of their commitment to providing the best in class catastrophe models coupled with cutting edge software technology, which was easily integrated into our underwriting platform and workflow.”
“As a new insurer focused on the Lloyd’s market, we determined very quickly that AIR’s models and software were able to provide solutions for all of our key specialty lines, including reinsurance and property insurance, and also provide in short order a valuable portfolio roll-up capability,” said Russell Merrett, CUO of Inigo Ltd.
“Vantage Risk’s initial launch has been very successful in Reinsurance. AIR’s Touchstone platform gives us the ability to speedily and quantitatively assess the opportunities presented to us, and to distinguish ourselves already as a new entrant in the catastrophe market,” states Chris McKeown, Chief Executive of Reinsurance and ILS for Vantage Group.
“We’re extremely proud to have so many innovative insurance companies from the class of 2020 select AIR over other solutions and rely on AIR model results as their preferred view of risk,” said Milan Simic, executive vice president and head of Global Business Development, Verisk Insurance. “Coupled with our unique technology and expertise, our strong determination to help customers flourish make Verisk a great innovator in this exciting phase of the growth of the global (re)insurance market.”
Additionally, many insurance, reinsurance and specialty companies outside the Class of 2020 continue to select AIR as its modeler of choice and switch from other solutions available in the market. One such company is Quantedge Capital.
“As an alternative investment asset manager with specific needs for managing catastrophe risk, we were glad that AIR have been able to combine a collaborative approach to doing business with superior catastrophe models and a software platform that is ideally suited for helping manage our portfolio,” said G Ping Lee, Analyst, Quantedge Capital.
“We’re thrilled to see such a varied group of (re)insurance companies select AIR as their preferred modelling firm,” said Rob Newbold, executive vice president, AIR Worldwide. “It seems that one thing that pure play reinsurers, Lloyds-focused insurers, and alternative asset managers across the world have in common is that they all trust AIR to provide model results that can be reliably used as the main view of risk, and a software platform that meets the increasing needs for performance, transparency and flexibility.”
AIR provides risk modeling solutions to the global insurance industry and to-date 16 of the top 20 non-life reinsurers; 8 of the top 10 global non-life insurers; 8 of the top 10 Lloyd’s syndicates; and all of the top 5 global reinsurance brokers work with AIR.
About AIR Worldwide
AIR Worldwide (AIR) provides risk modeling solutions that make individuals, businesses, and society more resilient to extreme events. In 1987, AIR Worldwide founded the catastrophe modeling industry and today models the risk from natural catastrophes, supply chain disruptions, terrorism, pandemics, casualty catastrophes, and cyber incidents. Insurance, reinsurance, financial, corporate, and government clients rely on AIR’s advanced science, software, and consulting services for catastrophe risk management, insurance-linked securities, longevity modeling, site-specific engineering analyses, and agricultural risk management. AIR Worldwide, a Verisk (Nasdaq:VRSK) business, is headquartered in Boston, with additional offices in North America, Europe, and Asia. For more information, please visit www.air-worldwide.com. For more information about Verisk, a leading data analytics provider serving customers in insurance, energy and specialized markets, and financial services, please visit www.verisk.com.
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