Tokio Millennium Re licenses casualty cat risk solution

Bermuda-based reinsurer Tokio Millennium Re (TMR) has acquired the license for the casualty catastrophe modelling solution Oortfolio of California-based Insuretech analytics company Praedicat Solutions.

Oortfolio will enable TMR, part of the Tokio Marine Group, to enhance its analytical focus to casualty underwriting.

"Using data from Oortfolio, casualty reinsurance underwriting has an entirely new toolkit of quantitative data that we can use to enhance our client solutions," said Chris Carpol, specialty casualty underwriting at TMR.

Andreas Kull, chief risk officer of TMR, added: “TMR is a multi-line reinsurer with diverse casualty exposures, including growing exposures in the United States. Praedicat’s modeling solutions provide us with advanced, forward looking accumulation risk management capabilities allowing us to optimize our liability portfolio and the use of risk capital."

Robert Reville, CEO of Praedicat, said: "It is a privilege to work with TMR to help them drive sustainable and profitable growth in casualty reinsurance. We look forward to working with a reinsurer like TMR that is so focused on analytics and innovation in its approach to reinsurance underwriting."

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