Catastrophe modelling firm AIR Worldwide (AIR) has announced the continued adoption of its Touchstone platform across the insurance and reinsurance industries, including specialty markets and the Lloyd’s market.
Fidelis Insurance, National Reinsurance Corporation of the Philippines (NRCP), and Probitas 1492 have selected AIR’s Touchstone software to provide detailed analytics and better manage catastrophe risk.
Fidelis Insurance is a newly formed, Bermuda-based specialty insurance and reinsurance provider employing an innovative model to optimize both the underwriting and asset sides of the balance sheet. NRCP is a domestic professional reinsurance firm providing life and non-life reinsurance to the Philippines and neighbouring insurance markets. Probitas 1492 is an underwriting syndicate at Lloyd’s specialising in property/casualty insurance and reinsurance solutions. AIR is a Verisk Analytics (Nasdaq:VRSK) business.
“Our core mission is to pursue a total return strategy by tactically shifting capital and risk between insurance and investments to maximize our return on equity across market cycles,” said Ben Savill, Fidelis’s Bermuda chief executive officer.
“To help achieve this key objective, we needed to adopt a proven and flexible catastrophe modeling solution such as AIR’s Touchstone platform. We’re excited to be leveraging this powerful analytics tool to assist us in the underwriting of catastrophe risk.”
Augusto Hidalgo, chief executive officer of NRCP, added: “Helping our customers reduce risk and cost via stronger catastrophe management is a key role for reinsurers in catastrophe-exposed Southeast Asia.
“We collaborate with catastrophe analytics leaders such as AIR to meet this customer requirement. AIR’s scientifically advanced earthquake and typhoon models, combined with its innovative software platform Touchstone, further strengthen our customer proposition by making it easier to present catastrophe modeling results and risk management decision options.”
Bill Churney, chief operating officer of AIR Worldwide, commented: “We’re extremely proud and pleased that companies as diverse as Fidelis, NRCP, and Probitas have selected Touchstone as their exposure and catastrophe modeling platform.
“The decisions of these companies—with different business requirements spread across the world—to adopt AIR’s Touchstone platform is a testament to the flexibility and robustness of its design. They’ve joined an already large number of companies that have the ability to select different modules and tailor Touchstone to suit their needs, enabling them to truly own the risk in their area of expertise and in their chosen geographies.”
AIR Worldwide, Fidelis, NRCP, Probitas, Lloyd's, London, Europe, Bermuda