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EQECAT Launches Offshore Energy Model
Model To Provide Insurers And Energy Producers With Capability To Quantify Risks In Gulf Of Mexico Offshore Energy Market
Oakland, CA
May 30, 2007
EQECAT, Inc., a wholly owned subsidiary of ABSG Consulting Inc. (“ABS Consulting”), and the leading authority on extreme-risk modeling, announced today the launch of its state-of-the-art Offshore Energy Model for the Gulf of Mexico region.
"EQECAT's model, now available to clients, will help insurers and energy producers quantify their offshore risks, which can lead to better pricing and use of capital," said Rick Clinton, president of EQECAT.
In developing the Offshore Energy Model, EQECAT combined its extreme-risk modeling expertise with the offshore experience and the risk management expertise of ABS Consulting, which does extensive work with energy companies and the United States Government.
“EQECAT is the only modeler with the ability to combine these in-house disciplines and thus be able to develop the most advanced offshore energy model available in the marketplace,” Mr. Clinton said.
Quantifying risks for the offshore energy market is significantly different and more complicated than modeling for onshore property risks. Most damage onshore is attributed to wind. Losses to the offshore energy market are primarily due to severe waves and currents generated by a storm, as well as undersea landslides. In addition, while some of the risks to offshore energy include property exposures to platforms, wellheads and pipelines, an important component of the risk in the offshore energy market is centered on continuity of production issues. The offshore energy insurance market also has some special policy conditions that have to be taken into consideration when modeling this risk.
"We believe our model takes these issues into consideration and establishes a new industry standard for offshore risk quantification," Mr. Clinton said.
EQECAT’s Offshore Energy Model covers a range of risk in the Gulf of Mexico region for oil and gas platforms, pipelines and other offshore energy industry infrastructure. It also takes into account the removal of debris caused by a specific event, business interruption and contingent business interruption.
“EQECAT is dedicated to assisting the marketplace in obtaining the best available tools, and bases its models on generally accepted science, engineering expertise, claims data and advanced mathematics. As a result, the models are consistent with the historical experience," Mr. Clinton said.
The model is now part of EQECAT’s WORLDCATenterprise™ platform. For additional information, please visit www.eqecat.com or call 510-817-3100.
ABSG Consulting Is A Leading Global Provider of Risk Management Services
ABSG Consulting Inc. is a leading independent global provider of risk management services combining industry specialists, risk modeling and practical engineering and technology solutions to help business, finance, industry and government manage risk. Through a comprehensive and integrated risk management approach, ABS Consulting is committed to helping clients reduce business interruption and manage catastrophic, operational, and security risks. ABS Consulting is headquartered in Houston, Texas. For additional information, please log on to www.absconsulting.com
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 177 natural hazard software models for 89 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 and 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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