RMS, a catastrophe risk management firm, announced partnerships with five modeling companies, including Catalytics, CatRisk Solutions, COMBUS, OYO Group and QuakeRisk. The new partners join four current third-party modelers, U.S. hurricane modeler Applied Research Associates, flood modeler JBA Risk Management, Latin American specialist ERN and Australia and Asia Pacific specialist Risk Frontiers. As a group, RMS’ partners are implementing 104 probabilistic catastrophe models on RMS(one), the company’s risk management platform, which will be available to customers alongside the RMS global model suite.
Access to a growing number of probabilistic models through a single platform enables companies to build a more complete view of risk while achieving operational efficiencies in areas including underwriting and portfolio management, RMS said. RMS said it is the only company in the industry that currently has implementations of third-party models on its platform, enabling RMS to move beyond catastrophe modeling and, through partners and clients, develop models for the entire risk-management value chain.
“At Willis Re, we are pleased to take the initiative and innovate with RMS(one), providing our clients with even greater model transparency, a wider range of options across RMS' ecosystem, and the capability to develop and deploy our own proprietary analytics," said John Cavanagh, CEO of Willis Re.
Munich Re selected RMS(one) as its core platform for exposure management. "It will be tightly integrated with our underwriting system," said Torsten Jeworrek, CEO of Reinsurance at Munich Re. "As a Joint Development Partner, we are collaborating with RMS to ensure the platform is architected to meet our needs across all key classes of exposure, not just what can be modeled today."
