10 managing agents in deal to share hurricane risk model
Lloyd’s and the Lloyd’s Market Association (LMA) have made a deal with US hurricane model provider Applied Research Associates (ARA), which will provide its Hurloss hurricane model and Middle East earthquake model to subscribing managing agents on a shared service basis.
The models will be accessible on the open Oasis framework, with hosting also on a shared services basis that will be provided by Cinnober, Equinix and Datapipe.
There are ten managing agents supporting the deal, which includes Ascot, Beazley, Barbican, Chubb, RenaissanceRe, Tokio Marine Kiln, SCOR (Channel), Starstone, Sompo Canopius and XL Catlin.
“I am delighted that Lloyd’s and the LMA have found a shared services solution for the Lloyd’s market in this way – I hope this is the beginning of a vibrant marketplace for models – available through the Oasis platform,” said Trevor Maynard, head of exposure management at Lloyd’s and co-chairman of Oasis.
Neil Maidment, LMA chairman and chief underwriting officer of Beazley, added: “The LMA has been fully involved in this initiative throughout the past two years and together with its members, has worked closely with Lloyd's and Oasis, from concept through to final delivery.
“We are pleased that our members will now be able to derive tangible benefits from this initiative, including the availability of models for exposure management and catastrophe modelling on a shared services basis.”
Dickie Whitaker, CEO of Oasis, said: “Leaders in the catastrophe modelling field are realising the value of the new, extensible, scalable Oasis Platform and deploying high quality models. This opportunity realises a new range of cost effective transparent models coming to market.”
Jamie Khurshid, CEO at BOAT Services, a subsidiary of Cinnober, commented: “This is not the first time Cinnober have been at the forefront of a paradigm shift and we take great pride in bringing this ground-breaking initiative in catastrophe risk loss modelling to market. Through close collaboration with Oasis, Lloyd’s and the LMA, we are helping to make the dream a reality.”
