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EQECAT Hurricane Model Certified by Florida Commission
Model Approved for Seventh Consecutive Year
May 20, 2004
(Oakland, CA)
EQECAT, Inc., announced today that the Florida Commission on Hurricane Loss
Projection Methodology (FCHLPM) unanimously re-certified EQECAT's Hurricane
model for use in Florida.
The certification was the seventh in a row. "EQECAT's Hurricane
model has been certified by FCHLPM on the first review of
its model every year since the inception of the certification
process," said Tom Larsen, senior vice president of product
management. "No other model has equaled the EQECAT record
of certification without ever having to go through a subsequent
supplemental meeting."
EQECAT, the authority in extreme risk modeling, provides
leading insurance companies worldwide with innovative, reliable
and technically robust tools and solutions, covering natural
hazards in 88 countries, the highest number of any organization.
EQECAT's U.S. Hurricane model is used by primary insurers,
reinsurers, intermediaries, and other financial institutions
to develop strategies for pricing, portfolio management,
and risk transfer.
Certification Includes On-Site Review by Expert Panel
To be certified, a company must meet a number of requirements
set by the FCHLPM. The standards are verified by a professional
team, consisting of an independent panel of experts, through
an on-site review at the company. After the panel completes
its review process, the company must present its model to
the commission at the FCHLPM's annual conference.
The EQECAT Hurricane model met all requirements established
by the FCHLPM, including those covering vulnerability, validation,
computing, statistics, and the actuarial use of modeled loss
costs. "The Florida certifications process presents users
with a special opportunity to differentiate all models in
a public venue," Mr. Larsen said.
Hurricane Model is Part of WORLDCATenterprise™
EQECAT's U.S. Hurricane model was released in 1994, and
has undergone five major upgrades since then.
"The current U.S. hurricane model is a part of our latest
offering of the WORLDCATenterprise, providing users with
a complete solution," Mr. Larsen said. "All our models
may be licensed to our clients."
EQECAT Serves Global Insurance, Business, Financial Services
EQECAT, an affiliate of ABSG Consulting Inc., serves 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 manmade catastrophic
risk.
It is a recognized industry thought-leader providing the
expertise and real-world tested tools to turn risk-theory
into innovative actions and solutions to effectively manage
extreme-risk worldwide. EQECAT's flagship product, WORLDCATenterpriseis
a multi-user platform for evaluating insured risks for many
natural catastrophe perils in 88 countries.
EQECAT was founded in 1994 and is headquartered in Oakland,
California. ABSG Consulting Inc., headquartered in Houston,
Texas, has risk-management revenues of more than $140 million,
and more than 1,000 employees worldwide. For additional information,
please log on to www.absconsulting.com,
or www.EQECAT.com.
For more information,
contact:
Tom Larsen
EQECAT, Inc.
1-510-817-3100 | tlarsen@absconsulting.com
Eric R. Samansky
The Samansky Group
1-516-319-0858 | eric@samanskygroup.com |
