Global Adoption of AIR's Touchstone Platform Continues across the Industry as Companies Choose a Proven Solution
BOSTON, Dec. 3, 2015 — Catastrophe modeling firm AIR Worldwide (AIR) today announced the continued adoption of Touchstone® 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 platform to provide detailed analytics and better manage catastrophe risk. Fidelis Insurance is a newly formed 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 neighboring insurance markets. Probitas 1492 is an underwriting syndicate at Lloyd’s specializing 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 CEO. “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.”
“Helping our customers reduce risk and cost via stronger catastrophe management is a key role for reinsurers in catastrophe-exposed Southeast Asia,” said Augusto Hidalgo, CEO of NRCP. “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.”
“With a focus on global emerging markets, analytics is at the forefront of our business. We set ourselves apart with our modern, progressive business approach, championing the latest underwriting technology,” said Jon Foley, chief underwriting officer–property, Probitas 1492. “We’re glad to be working with a proven leader in the industry and feel that the science of AIR’s models coupled with the visualization and analytical capabilities of Touchstone allow our underwriters to be part of the modeling process and ultimately better manage, price, and transfer our risk.”
“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,” said Bill Churney, COO, AIR Worldwide. “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.”
In July 2015, AIR released Version 3.0 of its catastrophe risk modeling software platform Touchstone, with rapid adoption across the global marketplace. Version 3.0 of Touchstone introduced comparative loss analytics that allow companies to evaluate multiple sets of loss results simultaneously, including results between model versions, between different exposure sets, or using different policy terms. Also this year, AIR released a suite of models, including updates to the U.S. hurricane model, such as a new hydrodynamic storm surge module; comprehensive updates to the hazard and engineering components of the Canada severe thunderstorm model; new tropical cyclone and winter storm models for Canada; an expanded global pandemic model that includes coronaviruses and filoviruses; an expanded European inland flood model to include Austria, the Czech Republic, and Switzerland; a significant update to the South America earthquake models that include the ability to assess tsunami risk and that add Ecuador to the model domain; new flood hazard maps for Brazil; and an update to the Japan typhoon model to include storm surge.
About Fidelis Insurance
Fidelis Insurance Holdings Limited is a privately owned, Bermuda-based holding company, which, through its wholly owned subsidiaries, is a global provider of specialty insurance and reinsurance products for property, energy, marine, and aviation risk classes. Fidelis employs a total return strategy by tactically shifting capital and risk between insurance and investments to maximize the return on equity across market cycles. Fidelis is rated A- (Excellent) by A.M. Best Company, Inc. Additional information regarding Fidelis may be found at www.fidelisinsurance.com.
About National Reinsurance Corporation of the Philippines
National Reinsurance Corporation of the Philippines (NRCP) helps emerging markets, and life and non-life insurers to improve solvency and underwriting practices through reinsurance capacity and analytical services.
NRCP is a publicly listed company whose major stockholders include the government’s insurer, the largest private bank, the largest private insurers, and over 65% of local insurers.
About Probitas 1492
Probitas 1492 is an underwriting syndicate at Lloyd’s specialising in property/casualty insurance and reinsurance solutions.
Solutions-driven, Probitas 1492 sets itself apart with its open-minded, flexible approach. Probitas 1492 can underwrite risks across Europe, the Middle East, Asia, and South America, with an emphasis on emerging markets.
Probitas Syndicate 1492 is part of the Istmo Re Group, which has been operating as a reinsurer and insurer for 35 years in the Latin American market.
About AIR Worldwide
AIR Worldwide (AIR) is the scientific leader and most respected provider of risk modeling software and consulting services. AIR founded the catastrophe modeling industry in 1987 and today models the risk from natural catastrophes and terrorism in more than 90 countries. More than 400 insurance, reinsurance, financial, corporate, and government clients rely on AIR software and services for catastrophe risk management, insurance-linked securities, detailed site-specific wind and seismic engineering analyses, and agricultural risk management. AIR, a Verisk Analytics (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.