Boston — AIR Worldwide Corp. (AIR), a risk modeling software and consulting services firm, reports that Montpelier Group, a Bermudian reinsurance company for the global insurance market, has licensed the AIR Multiple Peril Crop Insurance (MPCI) model for use in AIR’s CATRADER, an application for analyzing catastrophe reinsurance and insurance-linked securities.
Paul Larrett, chief treaty underwriter at Montpelier Re Bermuda says, “Montpelier Group uses the AIR crop model as one of the tools to price MPCI stop loss treaties, and to manage our overall MPCI portfolio exposures. The model allows for correlation of stochastic events across multiple cedants since our loss for each of the 10,000 simulated events can be summed across cedants. We are, therefore, able to estimate our expected losses at different return periods across our entire MPCI portfolio.”
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