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Credit Union Central Of British Columbia To Use EQECAT's WORLDCATenterpriseT Earthquake Modeling
November 9, 2006
Oakland, California
EQECAT, Inc., the leading authority on extreme-risk modeling, and analysis for catastrophe bonds and other insurance-linked securities, today said Credit Union Central of British Columbia (Central), the credit union system’s trade association and central banker and its captive insurer CUPP Services Ltd. in British Columbia, have signed a licensing agreement to use EQECAT’s CanadaQUAKE™ model, part of its WORLDCATenterprise™ catastrophe management software suite, to optimize insurance placements and evaluate system risk. Financial terms of the agreement were not disclosed.
“Managing catastrophe perils beyond traditional insurance risks has become important to financial investment communities across the world,” said Rick Clinton, President of EQECAT. “We are confident that EQECAT’s suite of risk management tools will assist Central in better understanding the losses inherent to Canada earthquakes,” he said.
David Barker, FCIP, FRM, ACUIC is the Director, Risk Management and Insurance at Central. “We and our member organizations want to understand more about our specific exposures to earthquake. We felt that EQECAT’s flexibility and willingness to support our distinctive requirements gives us an edge in dealing with these issues.”
About Credit Union Central Of British Columbia
Credit Union Central of British Columbia (Central) is the trade association and central banker for BC's 51 independent credit unions (www.cucbc.com). It is an "umbrella organization," representing a full-service retail financial system that serves more than 1.5 million members and holds over $36 billion in assets.
Owned and funded by its credit union stakeholders, Central operates on multiple levels to advance their goals -- from functioning as the system's wholesale financial arm and technology supplier to providing the full range of trade association and development services. Central is financially strong and innovative, with a record of progressive management and an excellent credit rating.
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 ABSG Consulting Inc. (“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.
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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