Commonwealth Insurance Company and EQECAT Join Forces to Create an Integrated Catastrophe Management System (ICMS™)
April 17, 2006
Oakland, California
EQECAT, Inc., the leading authority on extreme-risk modeling, said today that Commonwealth Insurance Company, a leading Canadian-based insurance provider, has signed a licensing agreement to use EQECAT's WORLDCATenterprise™ platform and XML interface technology to create an integrated catastrophe management system.
Financial terms of the agreement were not disclosed.
"To give our underwriters the most up-to-date technology in selecting the appropriate risk and delivering superior service to clients, we sought an efficient automation process that quickly organizes certain tasks for CAT modeling efforts," said Bruce Gregg, chief information officer, Commonwealth Insurance Company. "EQECAT's XML interface and state-of-the-art risk modeling more than met those criteria."
EQECAT's WORLDCATenterprise™ platform can be accessed through its standard user interface or Extensible Markup Language (XML) technology. The XML interface technology enables companies to fully automate the catastrophe modeling process by directly accessing the software's analysis engines over a network without going through the standard user interface. The accuracy and speed provided through EQECAT's XML interface helps clients effectively drive revenues, reduce costs in various operational areas, and provide timely and collaborative use of essential catastrophe modeling information.
"We are pleased that Commonwealth Insurance Company has decided to license EQECAT's WORLDCATenterprise platform and utilize our XML interface technology," said Rick Clinton, President, EQECAT, Inc. "We view automation of the catastrophe modeling process as the next step in the evolution of modeling since it improves efficiency and enhances the ability of companies to incorporate catastrophe modeling directly into their underwriting process."
About Commonwealth Insurance Company
Commonwealth Insurance Company, incorporated by an act of the Canadian Parliament in 1947, has operated as a federally registered insurer since 1950. The company is eligible to write business on an excess and surplus lines basis in 44 US states, and the District of Columbia.
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