ACE Tempest Reinsurance Ltd. First to Integrate AIR's Catastrophe Loss Modeling Technology into its Underwriting Software with CATools.Business Editors/High-Tech Writers BOSTON--(BUSINESS WIRE)--Jan. 12, 2004 ACE Tempest Reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. Ltd. (ACE Tempest Re) and AIR Worldwide Corporation (AIR) today announced the first implementation of an innovative toolset, CATools(TM), which significantly increases the efficiency of the underwriting and risk management process through the seamless integration An addition of a new application, routine or device that works smoothly with the existing system. It implies that the new feature or program can be installed and used without problems. Contrast with "transparent," which implies that there is no discernible change after installation. of catastrophe modeling
Insurers and reinsurers have long been seeking a way to improve their workflow efficiency through such integration. ACE Tempest Re is among the first in the industry to achieve this objective with the implementation of AIR's CATools. ACE Tempest Re's underwriters are now able to access AIR's catastrophe loss information directly, without leaving their proprietary Heuron underwriting system and no longer need to exchange significant data volumes with a separate modeling system. "The risk assessment provided by the catastrophe models is a vital element of Tempest's catastrophe management process. The ability to run our analyses from Heuron directly against our exposure databases will ultimately have a significant impact on the speed with which we can service our clients," said Sean Ringsted, Chief Risk Officer at ACE Global Reinsurance. "This pioneering integration of CATools into our Heuron platform will save us significant time and resources and further improve our ability to meet our clients' needs. It is a great testament both to the hard work of the ACE Tempest Re Heuron team and AIR's willingness to understand and provide a product that met our business and technology objectives." CATools is an application programming interface (API) offering insurers two options based on industry standard protocols. The first is a component-based API that is compatible with any Windows-based underwriting system. Another option is a Web Services (1) Loosely, any online service delivered over the Web. Such usage appears in articles from non-technical sources, but not in IT-oriented publications, because definition #2 below describes the correct use of the term. API that connects with any underwriting platform via the Internet or an Intranet. The component system gives users access to AIR's full suite of catastrophe modeling capabilities including geocoding, hazard analysis A hazard analysis is a process used to characterize the elements of risk. The results of a hazard analysis is the identification of unacceptable risks and the selection of means of controlling or eliminating them. , full probabilistic (probability) probabilistic - Relating to, or governed by, probability. The behaviour of a probabilistic system cannot be predicted exactly but the probability of certain behaviours is known. Such systems may be simulated using pseudorandom numbers. loss analysis, and its CLASIC/2 database to store exposure information and analysis results. "AIR's mission is to develop solutions that fit the evolving needs of our clients. We believe the future for catastrophe modeling infrastructure is the full integration with insurers' underwriting and policy ratings systems. CATools enables insurers to spend less time on data processing data processing or information processing, operations (e.g., handling, merging, sorting, and computing) performed upon data in accordance with strictly defined procedures, such as recording and summarizing the financial transactions of a and more time on what matters, namely, analysis of the results and decision-making," said Vivek Basrur, executive vice president at AIR. AIR will continue to offer insurers and reinsurers access to its catastrophe modeling technology through intuitively designed and easy to use interactive applications, including CATStation(TM), CLASIC/2(TM), CATRADER(R) and AIRProfiler(R). Current users of these applications have the option to integrate AIR technology with their own underwriting solutions using CATools. About AIR Worldwide Corporation AIR Worldwide Corporation is a leading risk modeling company helping clients manage the financial impact of catastrophes and weather. Utilizing the latest science and technology, AIR models natural catastrophes in more than 35 countries and the risk from terrorism in the United States A common definition of terrorism is the systematic use or threatened use of violence to intimidate a population or government and thereby effect political, religious, or ideological change. . Other areas of expertise include site-specific seismic engineering analysis, catastrophe bonds catastrophe bond A debt security with a payoff tied to the relative severity of a natural disaster such as a hurricane or earthquake. Bondholders are paid with insurance premiums but may have to accept reduced principal repayment in the event the specified , and property replacement cost valuation. Founded in 1987, AIR offers its insurance, reinsurance, corporate and government clients a complete line of risk modeling software and consulting services that produce consistent and reliable results. Headquartered in Boston, AIR has additional offices in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. , Europe and Asia. For more information, please visit www.air-worldwide.com. About ACE Tempest Re ACE Tempest Re, a leading Bermuda-based catastrophe reinsurance company, is a subsidiary of ACE Limited (NYSE NYSE See: New York Stock Exchange :ACE), the holding company of the ACE Group of Companies. The ACE Group of Companies provides insurance and reinsurance for a diverse group of clients. The ACE Group conducts its business on a global basis with operating subsidiaries in nearly 50 countries. Additional information can be found at: www.acelimited.com. |
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