Ascot Underwriting Ltd. Selects AIR's Risk Modelling Software to Help Manage Its Global Catastrophe Risk.BOSTON -- Relationship Highlights AIR's Expanding Involvement with Major Players in the Lloyd's Market Ascot Underwriting Ltd (Ascot), a managing agent at Lloyd's of London Not to be confused with Lloyds Bank or Lloyd's Register. Lloyd's of London is a British insurance market. It serves as a meeting place where multiple financial backers or “members”, whether individuals (traditionally known as has selected AIR Worldwide to provide risk modelling software to manage its catastrophe risk. Ascot has licensed AIR's CATRADER(R) and CLASIC/2(TM) software applications and will use AIR's modelling technology to manage its catastrophe risk globally. "AIR provides detailed, scientifically advanced and easy-to-use catastrophe modelling applications that will aid us in our underwriting and accumulation control, and allow multiple permutations of portfolio review," said Ascot Risk Manager Robert Dimsey. "We took this strategic decision to implement AIR's modelling technology across our full range of business to enhance our direct, facultative facultative /fac·ul·ta·tive/ (fak´ul-ta?tiv) not obligatory; pertaining to the ability to adjust to particular circumstances or to assume a particular role. fac·ul·ta·tive adj. 1. and catastrophe treaty underwriting worldwide." CLASIC/2 allows insurers to estimate catastrophe loss potential at any level of detail down to an exact street address. It accounts for construction and occupancy type, building age and height, and more than 30 risk-specific structural details. CLASIC/2 incorporates an NWP-based extratropical cyclone extratropical cyclone See under cyclone. model for Europe. With this capability, insurers can model European windstorm A European windstorm is a severe cyclonic storm that tracks across the North Atlantic towards northwestern Europe in the winter months. These storms usually track over the north coast of Scotland towards Norway but can veer south to affect other countries including England, Wales, losses at the individual risk and policy level utilising risk modelling techniques based on the actual physics of the atmosphere. Ascot will also be using CATRADER, AIR's industry standard treaty 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. application. CATRADER includes a unique U.S. property value exposure database that draws on information from AIR's new residential replacement valuation tool, ISO (1) See ISO speed. (2) (International Organization for Standardization, Geneva, Switzerland, www.iso.ch) An organization that sets international standards, founded in 1946. The U.S. member body is ANSI. HomeValue(TM), and ISO's extensive SPI (1) (Stateful Packet Inspection) See stateful inspection. (2) (Service Provider Interface) The programming interface for developing Windows drivers under WOSA. (TM) database of commercial properties. "Over the past year we have extended the scope of CLASIC/2, our detailed modelling system, to include Europe, and made it easier for cedants and reinsurers to exchange detailed exposure data," said Neil Wiseman Neil Ernest Wiseman (May 19 1934, – June 13 1995) was a British computer scientist. Wiseman's pioneering research in computer graphics began in 1965, and resulted in a number of inventions and patents. , managing director of AIR Ltd. in London. "Our relationship with Ascot represents AIR's expanding involvement with many key syndicates in the Lloyd's market and we're very excited at the prospect of working with the highly professional team of underwriters and analysts at Ascot." About Ascot Underwriting Ltd Ascot Underwriting Limited (Ascot) is a Lloyd's Managing Agency, which started underwriting on 1st November 2001. The Agency that manages Syndicate 1414 is led by Martin Reith, a leading Lloyd's Underwriter. As the largest ever start-up in Lloyd's history, Syndicate 1414 is the only Syndicate to have been assigned an A+ (Superior) rating by A.M. Best. Further information and copies of recent press releases can be found on Ascot's website at www.ascotuw.com. About AIR Worldwide Corporation AIR Worldwide Corporation (AIR) 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 40 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, and property replacement cost valuation. A member of the ISO family of companies, AIR was founded in 1987 to provide 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. |
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