Sompo International to Leverage AIR's Innovative Casualty Analytics Solution for Multi-Line Risk Analysis
BOSTON, June 19, 2019 — Catastrophe modeling firm AIR Worldwide (AIR) today announced that Sompo International, a global specialty provider of property and casualty insurance and reinsurance, is leveraging AIR’s casualty analytics platform, Arium, to better understand and quantify its liability and loss potential across multiple commercial liability lines of business. AIR Worldwide is a Verisk (Nasdaq:VRSK) business.
Paul McEwan, risk analytics director at Sompo International, said, “By leveraging Arium, we’re able to gain new insights into the nature of our liability exposures and the types of events and threats that can impact our portfolio. The Arium platform helps us to identify accumulations of exposures that may otherwise appear independent and to assess the quantum of risk associated with them. As a result, we can make informed decisions to increase the resilience of the portfolio in the face of an uncertain and unpredictable risk landscape and to more efficiently and robustly deploy our risk capital.”
As part of this collaboration, Sompo International is using the Arium solution for multi-line liability risk analysis, and AIR is also offering portfolio data coding services to Sompo International that include unique corporate identifiers and geocodes. Additionally, AIR is providing dedicated training and support that will enable Sompo International to more effectively identify casualty scenarios to model and, by leveraging historical data and AIR’s expert judgment, parameterize and perturb those scenarios.
“Arium is a powerful exposure management application designed to help companies like Sompo International evaluate liability accumulations and run casualty risk scenarios,” said Robin Wilkinson, senior vice president and managing director of casualty analytics at AIR Worldwide. “We’re pleased to be working alongside Sompo International over the past two years. Sompo International has a clear and innovative approach to calculating casualty exposures, and our Arium solution has supported the company to implement this approach, enrich its data, and provide more sophisticated risk analysis. By adopting liability risk analysis, Sompo is tackling critical issues in the industry with a reliable methodology, providing a competitive advantage.”
Satyan Sawhney, deputy CRO and head of risk analytics at Sompo International, added, “The Arium solution is an important component of our overall risk management framework and, taken together with the support and insight that the Arium team provides, will substantially improve our ability to understand, manage, and mitigate liability risk.”
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, 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.
About Sompo International
Sompo International is a global specialty provider of property and casualty insurance and reinsurance, headquartered in Bermuda. Through its operating subsidiaries, Sompo International writes agriculture, professional lines, property, marine and energy, and casualty and other specialty lines of insurance and catastrophe, property, casualty, professional lines, weather risk and specialty lines of reinsurance. Sompo International companies are wholly owned subsidiaries of Sompo Holdings, Inc., whose core business encompasses one of the largest property and casualty insurance groups in the Japanese domestic market. We maintain excellent financial strength as evidenced by the ratings of A+ (Superior) from A.M. Best (XV size category) and A+ (Strong) from Standard and Poor’s on our principal operating subsidiaries. Sompo International’s headquarters are located at Waterloo House, 100 Pitts Bay Road, Pembroke HM 08, Bermuda; and its mailing address is Sompo International, Suite No. 784, No. 48 Par-la-Ville Road, Hamilton HM 11, Bermuda. For more information about Sompo International, please visit www.sompo-intl.com