Catlin Group has added cat modelling firm AIR's next-generation catastrophe risk management platform, Touchstone(R), to its suite of licensed products.
"Catlin has long had a deep understanding of the risk we assume through our involvement in scientific research, such as the Catlin Arctic Survey and the current Catlin Seaview Survey," says Paul Jardine, COO of Catlin.
Catlin manages Syndicate 2003, the largest syndicate at Lloyd's with £1.43 billion of capacity (about 8 percent of the Lloyd's market) and a recognized leader in nearly all classes. AIR is a member of the Verisk Insurance Solutions group at Verisk Analytics.
Jardine continues, "We take such research and associated technology very seriously because we believe that it empowers our underwriters and leads to better management of our exposures and capital allocation. After an exhaustive review of AIR's offerings and particularly their next-generation platform, Touchstone, we concluded that their commitment to sound science and engineering, reliable software, and first-class client support fits well with our corporate objective of expanding in key insurance and reinsurance markets, including continental Europe, Bermuda, the US, and Asia-Pacific."
Dr. Milan Simic, senior vice president and managing director of international operations at AIR Worldwide, comments: “We're delighted that, in addition to choosing AIR as their long-term provider of catastrophe risk management software, Catlin decided to expand its license to include Touchstone. This is yet another confirmation that AIR is the catastrophe modelling provider of choice in key insurance and reinsurance markets, and we're extremely pleased that Catlin will be joining the ever-growing family of Touchstone users in the London market and internationally."
"The fact that an organization of Catlin's calibre and track record of investment in research and technology has selected Touchstone is a major vote of confidence for our approach to model and software development," concludes Simic. "We're already working side by side with Catlin to help roll out our modelling solutions across its organization, including its global underwriting centers."
Catlin, AIR, Touchstone, risk management, catastrophe