LONDON – 20 November, 2023 – Taiping Reinsurance Co. Ltd (TPRe) and Taiping Reinsurance Brokers Ltd. (TPRB), today announced they have licensed Moody’s RMS® Risk Modeler™, an application on the cloud-native Intelligent Risk Platform™ from Moody’s RMS, the leading global catastrophe risk modeling and solutions company.
TPRe, known for its strong market position and extensive international reinsurance business, has integrated Moody’s RMS Risk Modeler primarily to manage catastrophe risk aggregations, deploy capital, structure retrocession, and price reinsurance coverages. Adopting this advanced technology will allow TPRe to gain quicker and deeper risk insights from new models, ultimately better managing their risks and enhancing the understanding of catastrophe risks.
TPRB will employ Risk Modeler to enhance its customer and client services through quicker best-in-class risk analytics advisory, alongside achieving deeper risk insights from the new models. The technology will allow TPRB to better serve client needs by delivering more robust and timely risk analytics.
TPRe and TPRB are the first reinsurance businesses based in the Hong Kong/China region to upgrade to the Risk Modeler application from RiskLink® to maximize the value they get from Moody’s RMS risk modeling within a unified, efficient, and cost-effective solution. Using Risk Modeler, model versions can be run side-by-side quickly and easily; enabling cedants to better understand differences between Moody’s RMS model versions during treaty renewal negotiations, such as Version 23 model updates compared to Version 21 models.
Both TPRe and TPRB will also be able to access the latest generation of high-definition (HD) risk models from Moody’s RMS, to offer the most up-to-date, and granular view of risk.
Andrew Hare, Insurance Leader, Asia Pacific at Moody’s RMS said: "We are delighted to announce the further extension of our partnership with TPRe and TPRB. The adoption of the IRP and Risk Modeler marks a significant milestone in streamlining the delivery of advanced risk insights to their clients. With the incorporation of the IRP and its applications, plus HD Models, both businesses now have a robust cloud-native platform, enhancing their ability to leverage the advantages of advanced risk modeling and analytics alongside the benefits of cloud technology. This extension solidifies our joint commitment to providing innovative solutions and reinforcing our collaborative efforts for mutual success."
About Taiping Reinsurance Co., Ltd.
Taiping Reinsurance Co., Ltd. (“TPRe”) was incorporated in Hong Kong in September 1980 as a state-owned composite professional reinsurer and undertakes non-life and life reinsurance business all over the world. With its head office in Hong Kong, TPRe has operating platforms in the region and overseas, including subsidiaries in Beijing and London, a branch in Labuan, Malaysia, as well as representative offices in Japan and Macau.
As one of the renowned professional reinsurance companies based in Asia, TPRe possesses a well-recognized market position and underwrites reinsurance business all over the world.
Currently, TPRe serves clients from more than 100 markets and has maintained the leading position in Hong Kong’s reinsurance market. In 2022, TPRe registered a gross written premium** of USD2.59 billion (HK$20.2 billion), and the total assets reached USD7.93 billion (HK$61.9 billion).
With the solid backing of its listed parent company, China Taiping Insurance Holdings Company Limited, and its strategy shareholder, Ageas Insurance International NV, TPRe is highly respected for its prudent business strategy and strong financial strength. For consecutive years, TPRe has achieved “A” (strong/excellent) financial strength ratings from renowned international rating agencies, including S&P, AM Best and Fitch.
** Notes: Gross premiums including life universal reinsurance premium.
About Taiping Reinsurance Brokers, Ltd.
Taiping Reinsurance Brokers Limited ("TPRB") was established in Hong Kong in July 1996. It is a comprehensive insurance broker wholly owned by the China Taiping Insurance Group providing insurance (general and life) and reinsurance broking, risk assessment, and risk consulting services.
TPRB has a professional management team, the members of which have been working in the insurance industry for many years. The major servicing team members also have years of insurance and reinsurance experience and possess internationally recognized professional insurance qualifications. TPRB has its own actuarial team to provide clients with catastrophe analysis and other relevant professional services.
TPRB is a client-focused and value-oriented company that is dedicated to promoting the quality of service continuously and has always adhered to strict professional ethics and professional business philosophy. It has earned clients' trust and support from both local and overseas clients and accumulated a wealth of experience, especially in reinsurance broking. Since its establishment, TPRB has further enhanced its market influence and become one of the major reinsurance brokers in the China market. Its business territories include mainland China, Hong Kong, Macau, Taiwan, Asia-Pacific, and the European region.