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RMS Expands London Market Presence Through
Licensing Agreement with Beaufort Underwriting Agency Ltd.
Exposure and Catastrophe Modeling Management
Plays an Increasingly Critical Role for Lloyd’s Managing Agents
Newark, Calif. – October 23, 2006– Risk
Management Solutions (RMS), the world’s leading provider of products and
services for the management of catastrophe risk, announced today that
Beaufort Underwriting Agency Ltd, on behalf of its managed syndicate MSF
Pritchard - Syndicate 318, has licensed the RiskLink® catastrophe
modeling platform for use in managing its portfolio of insured risks.
This license agreement is a testament to the increasingly critical role
of exposure and catastrophe modeling management for the Lloyd’s market,
which has been at the forefront of applying catastrophe models both for
underwriting and internal risk management strategies. RMS licenses the
RiskLink® catastrophe modeling platform to 20 of the 25 largest Lloyd’s
managing agents. In total, RMS models are used by 24 of Lloyd’s managing
agents, representing almost 78% of the total Lloyd’s market capacity.
“Licensing RMS catastrophe models highlights our commitment to
continuously developing the sophistication of our exposure management
strategy, and is an important addition to our existing systems,” said
Michael Pritchard, Active Underwriter of Syndicate 318. “RMS has
consistently demonstrated its ability to push the horizons of risk
modelling, and we look forward to working together during this exciting
time for Beaufort.”
Beaufort will license peril models for the U.S., Caribbean, and U.K. to
help manage exposures in these key insurance markets. The Syndicate will
particularly take advantage of the May 2006 upgrades to the RMS U.S. and
Caribbean Hurricane models, which include major lessons learned on storm
and surge behavior and building, contents, and time element
vulnerability to accurately simulate the potential range of damage an
insurer can expect to experience due to a hurricane event.
Jason Futers, vice president of the RMS London market practice added:
“We are delighted to partner with Beaufort in their strategic
application of our products and services, and look forward to continuing
our collaboration with them and other insurers and reinsurers in the
U.K. market. In addition to a broad range of expertise from scientists,
engineers, and modelers across the RMS organization, we are confident
that Beaufort will benefit from direct access to more than 75
representatives in the RMS London office.”
About Beaufort
Beaufort Underwriting Agency Limited was established in November 2000 as
a managing agent at Lloyd’s, and currently manages Syndicate 318 which
has a long and successful track record in the Lloyd's market. Syndicate
318 has three specialist areas of operation; Direct & Facultative
US/International Property, Aviation and UK Commercial business.
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