Benfield Signs Multi-year Licensing Agreement for Use of EQECAT Catastrophe Management Software
October 23, 2007
Oakland, California
EQECAT, Inc., a subsidiary of ABSG Consulting Inc. (ABS Consulting), and the leading authority on extreme-risk modeling, announced today that Benfield (LSE: BFD), the world's leading independent reinsurance and risk intermediary, signed a multiyear renewal agreement to license all of EQECAT's currently available WORLDCATenterprise™ earthquake and wind models, covering 89 countries.
Benfield is using EQECAT's models to assist clients in quantifying and understanding risk associated with an array of perils worldwide.
Financial terms of the agreement were not disclosed.
"We are delighted by Benfield's decision to enter into this long-term, comprehensive relationship with our team," said Richard Clinton, President of EQECAT."The Benfield licensing agreement highlights the confidence of the insurance industry and investment community in our models, which are based on rigorous science and engineering research, and robust mathematical methodologies," he said. "EQECAT offers the most comprehensive suite of catastrophe models available to the insurance industry. In fact, since 1997, EQECAT's technology and consulting services have been used to provide risk analysis support for securitizations valued at more than $7 billion," he said.
About Benfield
Benfield is the world's leading specialist reinsurance and risk intermediary. Its customers include many of the world's major insurance and reinsurance companies as well as government entities and global corporations. Benfield operates from more than 40 locations worldwide. Benfield is listed on the London Stock Exchange under the ticker symbol BFD. For additional information, please visit www.benfieldgroup.com.
EQECAT, Inc. provides state-of-the-art products and services to the global property and casualty insurance, reinsurance and financial markets. EQECAT is the technical leader and innovator of catastrophe risk management models that quantify exposure to a range of natural and man-made catastrophic risks.
Through its modeling software platform, WORLDCATenterprise, EQECAT enables clients to quantify and manage the potential financial impact of natural hazards. WORLDCATenterprise includes 181 natural hazard software models for 95 countries spanning six continents. These models are based upon innovative applications of the latest science, engineering expertise, claims and exposure data and advanced mathematics.
EQECAT, a subsidiary of ABSG Consulting Inc., was founded in 1994 and is headquartered in Oakland, California.
For more information, contact:
pr@eqecat.com