Reinsurance broker Guy Carpenter & Company, LLC has commissioned Simplitium, a global financial services solutions provider and subsidiary of Cinnober Financial Technology, to deliver a catastrophe risk modelling solution using its ModEx platform.
ModEx, formerly known as Boat Oasis, is the first independent multi-vendor catastrophe risk modelling platform for the re/insurance industry, and operates on the open source Oasis Loss Modelling Framework (LMF).
Guy Carpenter plans to use the platform as a solution for the proprietary and third-party models it offers to its clients, allowing them to make improved decisions about their risk exposure.
The Oasis LMF is already part of the broker’s tool suite for developing risk models for clients, but integrating Simplitium’s ModEx will allow the firm to deliver a fully hosted and augmented Oasis LMF solution.
Mark Weatherhead, Head of Model Development at Guy Carpenter, commented: “ModEx is changing the game for catastrophe risk modelling globally. With ModEx, Guy Carpenter will benefit from easy and intuitive access to all our catastrophe risk models via a single secure web-app.
“ModEx will provide us with a more efficient platform, allowing us to focus on interoperable model development and insights to better service our clients.”
Jamie Khurshid, Chief Executive Officer (CEO) of Simplitium, added: “Together with the Oasis LMF, we are changing the way firms develop, access and use catastrophe risk models.
“This agreement is a significant milestone for us and demonstrates that the Oasis framework is a viable tool for catastrophe risk modelling. By bringing the Oasis LMF to market through a hosted solution, ModEx is truly revolutionising the catastrophe risk modelling marketplace.”
Guy Carpenter is a wholly owned subsidiary of Marsh & McLennan Companies and supports its clients through a combination of analytics, reinsurance broking expertise, and strategic advisory services.