Qatar Reinsurance Company LLC, the reinsurance arm of Qatar Insurance Company, has signed a multi-year license for Conning’s GEMS Economic Scenario Generator software. The platform is intended to enhance the company’s capital and risk modeling; GEMS ESG will be used as the stochastic driver of market and credit risk for the calculation of regulatory capital and for business planning purposes, Conning said.

Conning’s GEMS is an economic scenario generator that simulates future states of the global economy and financial markets using economic models, Conning said, offering full market risk and asset class coverage. Its financial models are designed to ensure that simulations offer realistic representation of extreme events, such as those that occurred in the 2008 financial crisis.

“We chose Conning because we were looking for a partner to provide economic and investment modeling expertise in support of our actuarial and risk functions,” said Mark Cockroft, chief actuary at Qatar Re. “The GEMS software provides us with advanced models that have the flexibility to be recalibrated with the built-in tools for an efficient stress and scenario testing process.”

GEMS ESG is used by insurers for applications such as Solvency II, economic capital modeling, market consistent embedded value calculations, stochastic liability and capital valuation, asset portfolio optimization and derivative and hedging strategies.

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