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February 28, 2006
EQECAT, Inc., the leading authority on extreme-risk modeling, said today Caisse Centrale de Rèassurance (CCR), one of the world's leading reinsurers, has chosen EQECAT's WORLDCATenterprise™ catastrophe management software to enhance their assessment of catastrophe risks in several European countries and Japan.
Financial terms of the agreement were not disclosed.
"We are delighted CCR has chosen to incorporate EQECAT's WORLDCATenterprise™ platform into their risk assessment process," said Rick Clinton, President of EQECAT. "CCR has, like others, re-evaluated catastrophe models after the last two turbulent years of losses. We are delighted CCR has selected EQECAT software to manage their global exposure in European countries and Japan," he said.
"CCR sees licensing EQECAT's modeling technology as an important tool to help them manage their global catastrophic risk in European countries and Japan," said Thierry Masquelier, chairman and chief executive officer of CCR. "EQECAT provides a platform capable of supporting catastrophe analysis for Japan andthe European nations, in which CCR has exposures," he said.
Caisse Centrale de Rèassurance is one of the world's leading reinsurers with a premium income of more than a 1.3 billion euros, it has enjoyed an "AAA" rating by Standard and Poor’s since 2001.
The company's Head Office is in Paris, where it employs 200 staff. However, because of the worldwide scope of its activity, CCR also has branches in Canada and Lebanon, as well as consultants in Germany.
Like other players in the market, CCR offers reinsurance in the following - fire, accident, miscellaneous, marine, aviation, space and life. These represent 40% of the company's premium income.
However, CCR distinguishes itself from its competitors by offering unlimited coverage for specific risks, such as natural disasters in France and war risks, with a State guarantee. This State-guaranteed business constitutes 60% of the company’s income.
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.
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