Hamilton, Bermuda — Ironshore Inc., a provider of broker-sourced specialty commercial property/casualty coverages for risks located throughout the world, has licensed the Risk Management Solutions (RMS) Account Fire Model. Launched in March 2008, the model should allow Ironshore to perform modeling for the pricing and portfolio management of its fire risk.
London-based catastrophe modeling company RMS says its RMS Account Fire Model is the insurance industry's first probabilistic, physics-based numerical simulation of fire hazard. Based on precise building layouts, commonly known fire attributes, and data from fire department operations, the tool will help Bermuda-based Ironshore accurately assess the potential damage and loss from fire, smoke and water to properties in its portfolio. These results can then be merged with natural catastrophe and man-made peril modeling output for a "total view" of risk.
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