General Reinsurance Corp., a global P&C reinsurer, has selected AIR Worldwide’s Touchstone catastrophe modeling platform and the complete suite of AIR’s global catastrophe models. In addition, Gen Re has licensed the platform’s Hazard Analytics, Geospatial Analytics, and Data Quality Analytics modules.
Gen Re now is deploying Touchstone across its global insurance and reinsurance operations, AIR Worldwide said, including the Lloyd’s syndicate Faraday, Gen Re Cologne, Gen Re North America, Gen Re Fac and General Star. Touchstone will be used to support a range of risk management needs, from General Star’s underwriting of excess and surplus business, through Gen Re’s enterprise wide roll-up and reporting functions, AIR said.
“We’re using Touchstone to gain insight into our individual treaty portfolios within Gen Re and to better understand the risk to these exposures,” said Tony Sammur, president and CEO of Gen Re Intermediaries and Gen Re’s chief catastrophe modeler. “We did an extensive review of Touchstone and were impressed with the functionality currently available and AIR’s road map for the future. We’re already taking advantage of this robust platform to help us better understand and evaluate even the most complex exposure to risks for our corporation.”
[See also: Gen Re names new head of direct]
AIR released Touchstone in January 2013 and intends to release Touchstone 3.0 later this year, which will offer comparative analytics that enable companies to compare current portfolio losses with those from previous periods, or compare loss results from an updated model with those from the previous release, the company said. The next release also offer access to detailed hazard data by stochastic event to give users insight into the drivers of loss, and offer expanded loss modification capabilities to enable companies to develop their own view of risks.
“Touchstone offers a suite of tools to help companies like Gen Re truly understand and own the risk by providing the flexibility, transparency, and performance needed in today’s risk management landscape,” said Rob Newbold, SVP at AIR Worldwide. “Touchstone has an open platform architecture, which means companies can seamlessly integrate third-party data and models to manage their nonmodeled risk or even test alternative views for perils and regions where an AIR model already exists.”
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