Aon Benfield launches exposure monitoring platform
Aon Benfield, the reinsurance intermediary of Aon, has launched a platform aimed at helping reinsurers monitor the aggregate catastrophe exposure across their portfolios.
PACE, the portfolio accumulation for control and evaluation, will allow reinsurers to evaluate the impact of individual programmes against their existing portfolio.
It will also allow reinsurers to understand their overall accumulation of risks by highlighting which regions and perils are most exposed and perform ‘what-if’ analyses.
According to Aon Benfield, the new tool will enable reinsurers to make better use of their capital by giving them an enhanced understanding of their exposures. This will mean users can offer more competitive quotes and potentially new lines of business to insurers.
Adrian McFarlane, PACE’s data architect at Aon Benfield, said: “Reinsurers need to optimise their business to consequently improve their return on equity which allows them to provide attractive quotes in an increasingly competitive market.
“PACE combines sophisticated logic behind the scenes with a simple non-technical interface. It has been designed specifically for underwriters to quickly and easily enhance their decision-making and financial planning when taking on new risks. It also enables reinsurers to set a consistent way of pricing across the firm.”
Bermuda-based MS Frontier Re has been one of the companies involved in the testing phase and has now licensed PACE to gain a greater understanding of its exposure by region and peril.
Catherine Farnworth, head of enterprise risk management at MS Frontier Re, said: “Giving our underwriters access to the most valuable data in a short time-frame enables them to make better decisions about employing our capital in the optimum way.”
Already registered?
Login to your account
If you don't have a login or your access has expired, you will need to purchase a subscription to gain access to this article, including all our online content.
For more information on individual annual subscriptions for full paid access and corporate subscription options please contact us.
To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.
For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk
Editor's picks
Editor's picks
More articles
Intelligent Insurer
Newton Media Ltd
Kingfisher House
21-23 Elmfield Road
BR1 1LT
United Kingdom