Credit Union Central Of British Columbia to Use EQECAT's WORLDCATenterprise Earthquake Modeling
November 9, 2006
Oakland, California
EQECAT, Inc., the leading authority on extreme-risk modeling, and analysis for catastrophe bonds and other insurance-linked securities, today said Credit Union Central of British Columbia (Central), the credit union system's trade association and central banker and its captive insurer CUPP Services Ltd. in British Columbia, have signed a licensing agreement to use EQECAT's CanadaQuake™ model, part of its WORLDCATenterprise™ catastrophe management software suite, to optimize insurance placements and evaluate system risk. Financial terms of the agreement were not disclosed.
"Managing catastrophe perils beyond traditional insurance risks has become important to financial investment communities across the world," said Rick Clinton, President of EQECAT. "We are confident that EQECAT's suite of risk management tools will assist Central in better understanding the losses inherent to Canada earthquakes,"he said.
David Barker, FCIP, FRM, ACUIC is the Director, Risk Management and Insurance at Central. "We and our member organizations want to understand more about our specific exposures to earthquake. We felt that EQECAT's flexibility and willingness to support our distinctive requirements gives us an edge in dealing with these issues."
About Credit Union Central Of British Columbia
Credit Union Central of British Columbia (Central) is the trade association and central banker for BC's 51 independent credit unions (www.cucbc.com). It is an "umbrella organization," representing a full-service retail financial system that serves more than 1.5 million members and holds over $36 billion in assets.
Owned and funded by its credit union stakeholders, Central operates on multiple levels to advance their goals -- from functioning as the system's wholesale financial arm and technology supplier to providing the full range of trade association and development services. Central is financially strong and innovative, with a record of progressive management and an excellent credit rating.
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