Flood risk modeller, JBA Risk Management (JBA) has signed a five-year partnership with reinsurance broker, Chedid Re.
The partnership will allow the broker to use JBA’s global flood model, which will enable Chedid Re to provide flood risk analytics and catastrophe modelling services to its clients across the Middle East, Africa, and South Asia.
Chedid Re will access the global flood model via its existing relationship with Nasdaq Risk Modelling for Catastrophes.
The partnership between the two companies comes just a few months after it was announced that JBA had released its new UK flood model for insurers.
As a company of Chedid Capital, as well as Lloyds broker since 2015, Chedid Re has offices in Abidjan, Beirut, Casablanca, Dubai, Limassol, London, and Riyadh.
“As one of the world’s top 20 reinsurance brokers we are constantly looking for ways to support our diverse client base,” said Elie Abi Rached, Chief Executive Officer of Chedid Re in the Kingdom of Saudi Arabia.
“This latest investment will ensure that our clients are able to fully understand their flood exposure, wherever they operate in the world, and to develop appropriate risk management and mitigation strategies.”
Nikki Pilgrim, Technical Director at JBA Risk Management, commented: “At JBA we see increasing demand from clients across the world to be able to understand their exposure to flood risk in a drive to develop robust risk management and mitigation approaches.
“The Chedid Re partnership is another recognition of JBA’s global flood modelling capability that not only covers the model gaps but also allows adjustment and customisation to include client-relevant views of risk.”