Montpelier Reinsurance Ltd., the Bermuda subsidiary of Montpelier Re Holdings Ltd., announced the launch of the Montpelier Risk Institute (MRI), a virtual risk institute designed to get scientists and insurance specialists in the same room to target new methods for quantifying risk.

For the MRI’s research of advanced model development on natural catastrophe and man-made risk, it is partnering with the University of Western Ontario (UWO), the affiliated Institute for Catastrophic Research (ICLR) in Ontario, Canada, and several private research institutions in Europe.

“By fostering collaboration between scientists and insurance specialists, MRI will seek more accurate ways to assess risk across various scales, territories, and perils,” said Dr. Gero Michel, chief risk officer and head of risk analytics at Montpelier Re. “As risk becomes more interconnected in a changing environment and climate, it is very important that our models and risk assessment techniques evolve as well.”

MRI will be overseen by a steering committee led by Dr. Michel and composed of representatives from academia and government.

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