Bermuda-based MS Frontier Re is one of the first reinsurers to back the new Aon Benfield cat exposure comparison platform.
PACE, the portfolio accumulation for control and evaluation will allow reinsurers to evaluate the impact of individual programmes against their existing portfolio.It will also enable reinsurers to understand their overall of risks by highlighting which regions and perils are most exposed and perform ‘what-if’ analyses.
MS Frontier Re will use PACE to gain a better understanding of its exposure by region and peril. The firm has licensed the platform and was one of the firm’s involved in the testing of PACE.
Catherine Farnworth, head of enterprise risk management at MS Frontier Re, said: “Giving our underwriters access to the most valuable data in a short time-frame enables them to make better decisions about employing our capital in the optimum way.”
Adrian McFarlane, PACE’s data architect at Aon Benfield, said: “Reinsurers need to optimise their business to consequently improve their return on equity which allows them to provide attractive quotes in an increasingly competitive market.
“PACE combines sophisticated logic behind the scenes with a simple non-technical interface. It has been designed specifically for underwriters to quickly and easily enhance their decision-making and financial planning when taking on new risks. It also enables reinsurers to set a consistent way of pricing across the firm.”
MS Frontier Re, Aon Benfield, Catherine Farnworth, Adrian McFarlane, Bermuda