Convex Selects AIR Worldwide as Its Primary Catastrophe Risk Model Provider

AIR Worldwide announced that Convex, a specialty insurer and reinsurer focused on complex risks, has selected AIR as its primary catastrophe model provider, licensing its Touchstone^® and Touchtone Re catastrophe risk management platforms. AIR Worldwide is a Verisk (Nasdaq:VRSK) business.

“We made the strategic decision to select AIR as Convex's primary catastrophe model provider based on AIR’s industry leading catastrophe models, advanced software platforms, and a comprehensive suite of APIs which combine to provide a powerful set of tools and capabilities to help us more efficiently manage our catastrophe risk,” said James Havard, head of exposure management at Convex Insurance. “With integration and interoperability being two key areas of focus for exposure management at Convex, it was important to partner with an organisation that can help propel us towards that vision of being better integrated across our underwriting workflows.”

Convex is leveraging AIR's suite of APIs to integrate and streamline its end-to-end exposure management processes into their wider business landscape. This integration enables fast and accurate data provisioning to aid underwriting decision making.

“We’re honored that Convex has selected AIR as their primary catastrophe risk modelling provider and we look forward to our ongoing collaboration,” said Dr. Milan Simic, executive vice president at Verisk Insurance. “By integrating our flexible modeling solutions into their existing systems, Convex is able to more efficiently and more quickly process the vast amounts of catastrophe modeling and exposure data throughout their underwriting workflows.”

Additionally, Convex has agreed to become a development partner for Verisk’s innovative new enterprise exposure management product, designed to help global (re)insurers better understand and manage their insured property exposure at a detailed level across their portfolios.

“We look forward to working closely with Verisk to help develop a new exposure management solution that will introduce a new level of analytical capabilities not yet seen in the reinsurance industry, to power enterprise-level decision making,” continued Havard. “Verisk’s goal of improving the understanding of exposures and the need for more rapid processing, smoother workflows, and improved communications, aligns with Convex's aspirations to utilize data and analytics to make the most informed decisions.”

“Convex’s expertise and direction will be instrumental as we build a powerful new solution that will help companies manage their portfolios on day-to-day basis, understanding the overall portfolio make-up, capacity utilization and marginal impact of new business,” added Greg Talbot, assistant vice president, global business development at Verisk Insurance. “And in times of event response, the solution will offer a means by which to quickly understand the potential exposure to a portfolio.”

Touchstone and Touchstone Re are total risk management solutions designed to perform the advanced analytics that companies need to own their risk. Since 2015, more than 30 (re)insurance carriers have switched to AIR’s advanced modeling platforms to help them better manage catastrophe risk. These companies represent more than $80 Billion in non-life reinsurance premiums.

About Convex
Convex is a specialty insurer and reinsurer focused on complex risks founded by Stephen Catlin and Paul Brand. With operations in London and Bermuda, Convex occupies a unique position in the insurance industry and combines unrivalled experience, reputation and lessons learnt with the freedom and independence of a new balance sheet.

Convex Re Limited is regulated by the Bermuda Monetary Authority. Convex Insurance UK Limited is authorised and regulated by the Prudential Regulation Authority and the Financial Conduct Authority. www.convexin.com

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, supply chain disruptions, 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. For more information about Verisk, a leading data analytics provider serving customers in insurance, energy and specialized markets, and financial services, please visit www.verisk.com.