Patria Re Selects RMS as its Sole Catastrophe Risk Modeling Partner
Leading Latin American reinsurer licenses RMS models and analytical services to help grow its catastrophe risk business
Newark, Calif. -
April 28, 2017 -
RMS, a leading risk modeling and analytics firm, today announced that Latin America reinsurer Reaseguradora Patria (Patria Re) has licensed its full range of models and analytical services for Latin America and the Caribbean.
These regions have a high exposure to natural catastrophe risk that produce a significant proportion of property segment losses for Patria Re. The firm is looking to grow in these markets by limiting losses through more sophisticated risk management practices, in which the RMS suite of catastrophe models, informed by the latest science, will play a central role. Patria Re is also seeking to compete more strongly with the established international reinsurers in these markets, by offering expanded RMS analytical services to its customers.
“We have a responsibility to work with the best risk management companies and use the best models and analytics to manage our catastrophe risk,” said Francisco Martínez, "Vicepresidente de Suscripción", underwriting at Patria Re. “By having access to the advanced science and modeling capabilities of RMS, we can offer truly customized coverage for our clients.”
RMS continues to invest heavily in researching hazard,
vulnerability and exposure in Latin America to develop models, data products,
and services that meet the needs of the region. Most recently, RMS developers
conducted a comprehensive, 18-month hurricane vulnerability study in the
Caribbean, Mexico, and Central America. A team of engineers also visited
Ecuador following the April 2016 M7.8 Muisne earthquake to study the seismic
performance of buildings in the country. These investments led to an improved
understanding of the earthquake and hurricane risk in the region, leading to
more detailed and accurate science, data, and modeling.
“We have never been more committed to the success of our Latin America clients and their need for risk management solutions to create more differentiation and diversification opportunities for their business,” said Victor Roldán, regional head for Latin America at RMS. “To support our clients’ pursuit for competitive advantage and sustainable growth, we are continually extending and enhancing our models, risk data and analytics to reflect the diverse needs of the region’s countries, market segments, and individual firms.”
RMS solutions help insurers, financial markets, corporations, and public agencies evaluate and manage catastrophe risks throughout the world. We lead an industry that we helped to pioneer—catastrophe risk modeling—and are delivering models, data, and risk management solutions on the RMS(one)® platform to transform the world’s understanding and quantification of risk through open, real-time exposure and risk management.
More than 400 insurers, reinsurers, trading companies, and other financial institutions trust RMS solutions to better understand and manage the risks of natural and human-made catastrophes, including hurricanes, earthquakes, floods, terrorism, and pandemics.