Oakland, Calif.
December 20, 2011
Catastrophe risk modeling firm EQECAT, Inc. today announced that Tokio Millennium Re Ltd. (TMR) has expanded its relationship with EQECAT by globally licensing EQECAT's WORLDCATenterprise™ - a global catastrophe risk modeling platform that includes 181 natural hazard models for 95 countries and territories spanning six continents. In addition, TMR will be automating their utilization of WORLDCATenterprise through the use of EQECAT's Integrated Catastrophe Modeling System™ (ICMS).
"We are extremely pleased to extend our partnership with Tokio Millennium Re with a Golden Key license agreement through 2017. To help clients set rational expectations about risk, we encourage them to take advantage of our ICMS API to integrate catastrophe models into their underwriting workflows and aggregate risk management" said Paul Little, senior vice president, Global Client Development at EQECAT.
"Advanced analytical capabilities to quantify complex catastrophic risks are central to our decision making and risk management processes at TMR," said David McComas, senior vice president at Tokio Millennium Re. We believe that the use of WORLDCATenterprise strongly enhances TMR's ability to comprehensively and robustly measure and monitor our risk-taking activities. And EQECAT's ICMS will allow catastrophe analysts more time to communicate their insights within an integrated submission management and risk tools environment."
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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Originally established in Bermuda in 2000 to act as a strategic risk diversifier for the Tokio Marine Group by writing P&C reinsurance business outside of Japan, Tokio Millennium Re has remained at the forefront of the reinsurance industry since its inception. As a subsidiary of the Tokio Marine & Nichido Fire Insurance Co., Ltd., Japan's oldest and largest non-life insurance company, TMR is primarily engaged in property and casualty reinsurance and market solutions products. TMR is rated A++ (Superior) by A.M. Best and AA- (Very Strong) by Standard & Poor's.
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