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EQECAT Signs Multi-Year Contract with the Reinsurance Business of Towers Perrin for Use of EQECAT’s Tornado/Hail Modeling Capabilities
Oakland, CA
June 28, 2005
EQECAT, Inc., the leading authority on extreme-risk modeling, and analysis for catastrophe bonds and other insurance-linked securities, today announced that it has signed a multi-year contract with the Reinsurance business of Towers Perrin (Reinsurance) to use EQECAT’s Tornado/Hail model, which is a part of its WORLDCATenterprise™ catastrophe management software suite, to estimate loss potential for existing and prospective clients. Financial terms of the agreement were not disclosed.
“Recent advances in weather data collection have made it possible for EQECAT to develop the first high-resolution tornado/hail insurance model,” said Rick Clinton, President of EQECAT.
“Due to the very concentrated footprint associated with tornado touchdowns, a high-resolution model is the only way to reliably quantify and manage tornado and hail risk,” Mr. Clinton said.
EQECAT’s tornado/hail model employs 800,000 stochastic events simulating more than 20 million tornadoes and 60 million hail streaks to enable the most refined analysis of risk available.
“Through the use of EQECAT’s tornado/hail high-resolution models we will be able to provide our clients with insights into their exposure concentrations and potential losses,” said John DeMartini, Senior Vice President and Catastrophe Risk Management Practice Leader for Reinsurance.
EQECAT Serves Global Clients Through Extensive WORLDCATenterprise™
Through its user-friendly, extreme-risk modeling software, WORLDCATenterprise™, EQECAT enables clients to assess and manage potential damage and loss from wind, earthquakes, flood, wildfire, and terrorism, among other perils. WORLDCATenterprise™ includes 167 natural hazard software models for 88 countries spanning six continents.
EQECAT, and its parent ABS Consulting, serve the global property and casualty insurance industry, major multinational corporations and financial institutions. EQECAT is known as the technical leader and innovator in the development of analysis tools and methodologies to quantify insurers and major corporations’ exposure to natural and man-made catastrophic risk.
EQECAT was founded in 1994 and is headquartered in Oakland, California. For additional information, please log on to www.absconsulting.com, or www.EQECAT.com.
About Towers Perrin and Reinsurance
Towers Perrin is a global professional services firm that helps organizations improve their performance through effective people, risk and financial management. Through its Reinsurance business, Towers Perrin provides global reinsurance intermediary services and consulting expertise that focus on the creative blending of traditional and non-traditional risk transfer vehicles. Areas of focus include reinsurance strategy and program review, claims management and program administration, catastrophe exposure management, contract negotiation and placement and market security issues. The firm’s other businesses are HR Services, which provides human resource consulting, and Tillinghast, which provides management and actuarial consulting to the financial services industry. Together, these businesses have offices in 24 countries. More information about Reinsurance is available at www.towersperrin.com/reinsurance.
For more information, contact:
Thomas Larsen
EQECAT, Inc.
1-510-817-3100 | tlarsen@absconsulting.com
Eric R. Samansky
The Samansky Group
1-516-319-0858 | eric@samanskygroup.com
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