Multi-line reinsurance firm Tokio Millennium Re has signed up to license Praedicat’s casualty catastrophe risk modelling solution Oortfolio, as it seeks to enhance its analytical focus on this class of risk.
Oortfolio is the world’s first exposure-based and forward-looking casualty catastrophe risk modelling tool, which Praedicat launched in October 2016.
Oortfolio is designed to solve issued surrounding casualty emerging risks with a solution developed to be comparable with widely-adopted property catastrophe risk model practices seen in the property insurance market today.
Oortfolio enables reinsurance firms to quantitatively evaluate the casualty risk in clients portfolios and to tailor reinsurance solutions to transfer underlying emerging risks.
Tokio Millennium Re sees the licensing of Praedicat’s platform as a sign of its “commitment to its casualty portfolio and to cutting edge data and modeling as part of its underwriting process.”
“TMR is a multi-line reinsurer with diverse casualty exposures, including growing exposures in the United States,” commented Andreas Kull, Chief Risk Officer of Tokio Millennium Re. “Praedicat’s modeling solutions provide us with advanced, forward looking accumulation risk management capabilities allowing us to optimize our liability portfolio and the use of risk capital.”
“Using data from Oortfolio, casualty reinsurance underwriting has an entirely new toolkit of quantitative data that we can use to enhance our client solutions,” added Chris Carpol, Specialty Casualty Underwriting at TMR.
“It is a privilege to work with TMR to help them drive sustainable and profitable growth in casualty reinsurance,” stated Robert Reville, Chief Executive Officer of Praedicat. “We look forward to working with a reinsurer like TMR that is so focused on analytics and innovation in its approach to reinsurance underwriting.”