Catlin Underwriting Agencies Limited to Use EQECAT's Gulf of Mexico Offshore Energy Model for Underwriting and Portfolio Risk Management
August 4, 2008
Oakland, CA
EQECAT, Inc., a subsidiary of ABSG Consulting Inc. (ABS Consulting), and the leading authority on extreme-risk modeling, announced today that Catlin Underwriting Agencies Limited, a wholly owned subsidiary of Catlin Group Limited (London Stock Exchange: CGL), an international specialist property, casualty insurer and reinsurer, has licensed EQECAT's Gulf of Mexico Offshore Energy Model (OEM) for underwriting and portfolio risk management.
Financial terms of the agreement were not disclosed.
The EQECAT OEM helps oil and gas producers, insurers and reinsurers to manage hurricane risk for offshore assets. Currently, the model covers exposures in the US Gulf of Mexico. It is part of EQECAT's WORLDCATenterprise™ catastrophe risk management software platform.
Paul Martin, group chief actuary of Catlin Group Limited, emphasized "Catlin is dedicated to using the most advanced technology and resources available to help manage and mitigate hurricane risk in the Gulf of Mexico.""EQECAT is known for its leading-edge technology, and we are confident that having the EQECAT offshore energy model as part of our decision making process will enable us to continue to make better decisions on risk acceptance and risk transfer," he said.
Tom Larsen, Senior Vice President of EQECAT, said "we are pleased that Catlin has found that EQECAT's offshore energy model complements their successful energy underwriting business."
"EQECAT is the only modeler able to combine extreme-risk modeling expertise with in-house energy market engineering experience, providing a new standard for modeling natural catastrophe risk in the Gulf of Mexico," he said.
About Catlin Group Limited
Catlin Group Limited, headquartered in Bermuda , is an international specialist property/casualty insurer and reinsurer writing more than 30 classes of business worldwide through four underwriting platforms and an international network of offices. Catlin shares are traded on the London Stock Exchange (ticker symbol: CGL). Gross premiums written during 2007 exceeded US$3.3 billion. More information about Catlin can be found at www.catlin.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