BOSTON / ACCESSWIRE / May 21, 2014 / Catastrophe modeling firm AIR Worldwide (AIR) today announced that Catlin Group Limited has added AIR's next-generation catastrophe risk management platform, Touchstone(R), to its suite of licensed products. Catlin manages Syndicate 2003, the largest syndicate at Lloyd's with ?1.43 billion of capacity (about 8 percent of the Lloyd's market) and a recognized leader in nearly all classes. AIR is a member of the Verisk Insurance Solutions group at Verisk Analytics (Nasdaq:VRSK).
"Catlin has long had a deep understanding of the risk we assume through our involvement in scientific research, such as the Catlin Arctic Survey and the current Catlin Seaview Survey," said Paul Jardine, COO of Catlin. "We take such research and associated technology very seriously because we believe that it empowers our underwriters and leads to better management of our exposures and capital allocation. After an exhaustive review of AIR's offerings and particularly their next-generation platform, Touchstone, we concluded that their commitment to sound science and engineering, reliable software, and first-class client support fits well with our corporate objective of expanding in key insurance and reinsurance markets, including continental Europe, Bermuda, the U.S., and Asia-Pacific."
"We're delighted that, in addition to choosing AIR as their long-term provider of catastrophe risk management software, Catlin decided to expand its license to include Touchstone," commented Dr. Milan Simic, senior vice president and managing director of international operations at AIR Worldwide. "This is yet another confirmation that AIR is the catastrophe modeling provider of choice in key insurance and reinsurance markets, and we're extremely pleased that Catlin will be joining the ever-growing family of Touchstone users in the London market and internationally."
"The fact that an organization of Catlin's caliber and track record of investment in research and technology has selected Touchstone is a major vote of confidence for our approach to model and software development," added Dr. Simic. "We're already working side by side with Catlin to help roll out our modeling solutions across its organization, including its global underwriting centers."
Catlin Group Limited, headquartered in Bermuda, is an international specialist property/casualty insurer and reinsurer that underwrites worldwide through six underwriting hubs. Catlin shares are traded on the London Stock Exchange (ticker symbol: CGL). More information about Catlin can be found at www.catlin.com.
Catlin has established operating hubs in London, Bermuda, the United States, the Asia-Pacific region, Europe, and Canada. Through these hubs, Catlin works closely with policyholders and their brokers. The hubs also provide Catlin with product and geographic diversity. Altogether, Catlin operates more than 50 offices in 25 countries.
Catlin's underwriting units are rated "A" by A.M. Best and Standard & Poor's.
Catlin is the title sponsor of the Catlin Seaview Survey, a major scientific expedition that is documenting the composition and health of oceans, particularly coral reefs, around the world. During 2012 the Survey investigated the Great Barrier Reef off Australia, while during 2013 it studied coral reefs near Bermuda and in the Caribbean. The 2014 Survey is focusing on the Coral Triangle in Asia. The impartial scientific data gathered by the Catlin Seaview Survey is intended to strengthen the understanding of how changes beneath the oceans' surface are impacting the rest of our planet. More information is available at www.CatlinSeaviewSurvey.com.
About AIR Worldwide
AIR Worldwide (AIR) is the scientific leader and most respected provider of risk modeling software and consulting services. AIR founded the catastrophe modeling industry in 1987 and today models the risk from natural catastrophes and terrorism in more than 90 countries. More than 400 insurance, reinsurance, financial, corporate, and government clients rely on AIR software and services for catastrophe risk management, insurance-linked securities, detailed site-specific wind and seismic engineering analyses, and agricultural risk management. AIR is a member of the Verisk Insurance Solutions group at Verisk Analytics (Nasdaq:VRSK) and is headquartered in Boston with additional offices in North America, Europe, and Asia. For more information, please visit www.air-worldwide.com.
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Source: AIR Worldwide via Globenewswire
SOURCE: Catlin Group Limited