Catastrophe modeling firm AIR Worldwide (AIR) now has two platforms, Touchstone and CATRADER, certified for the implementation of ACORD property exposure standards for delegated authority reporting (ER3001) and aggregated reporting (ER3003). AIR is compliant with those standards and has implemented an ACORD import feature in its software applications.
ER3001 is the standard used to report property schedules from delegated authorities to their carriers, says AIR. ER3001 is accepted in the Lloyd’s of London market as the preferred mechanism for reporting U.S. property business. ER3003 is the standard used to report aggregated property details, typically from cedants or their brokers, to reinsurers.
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