|By Business Wire||
|March 12, 2013 07:07 AM EDT||
Catastrophe modeling firm AIR Worldwide (AIR) today announced that Peak Reinsurance Co. Ltd. (Peak Re), a reinsurer headquartered in Hong Kong focusing primarily on the Asia-Pacific market, has selected AIR’s catastrophe modeling solutions to manage its catastrophe risk.
“Catastrophes are a growing concern in the Asia-Pacific region as illustrated by the series of events in 2011, and Peak Re is positioning itself to bring greater value to this underserved region by providing property and casualty treaty reinsurance solutions through the use of modern risk management tools such as catastrophe models,” said Graham Cook, head of analytics at Peak Re. “AIR provides a comprehensive suite of models for the region, including earthquake and basinwide typhoon models, which will help us monitor our accumulations and steer a path toward continued profitable growth.”
AIR’s Asia-Pacific tropical cyclone (typhoon) models feature a comprehensive catalog of simulated storms to provide a complete and scientifically rigorous view of tropical cyclone risk affecting Japan, mainland China, Hong Kong, Taiwan, the Philippines, South Korea, Australia, and India. AIR’s earthquake models represent the most advanced understanding of seismic risk and building vulnerability in the region, including Japan, mainland China, Taiwan, the Philippines, Indonesia, Australia, and New Zealand.
“Adding Peak Re to our growing client base reflects our continued focus on Asia-Pacific’s evolving insurance industry, and, like Peak Re, we continue to bring together regional expertise and knowledge along with geographic proximity to better serve this market,” said Uday Virkud, P.E., executive vice president at AIR Worldwide. “With offices in Tokyo, Beijing, Hyderabad, and now Singapore, we aspire to help regional companies like Peak Re manage their exposure to catastrophes with the help of sophisticated modeling tools that will allow them to truly own their risk.”
About Peak Re
Peak Re is headquartered in Hong Kong with an initial capital base of US$550 million. It is authorized by the Office of the Commissioner of Insurance of Hong Kong to launch its underwriting operations with a territorial scope encompassing Asia Pacific, and rated “A-” by A.M. Best, a leading international insurance industry credit rating agency.
The Company is led by a dynamic team of highly experienced reinsurance professionals with a diverse range of market experience. Founded on time-tested principles and united by a collective determination to embrace the rapid changes in the modern era, the management of the Company believes that Peak Re brings new solutions to the Asia-Pacific reinsurance industry.
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.