EQECAT Inc., an authority on extreme-risk modeling, and analysis for catastrophe bonds and other insurance-linked securities, has signed a multi-year contract with the Reinsurance business of Towers Perrin (Reinsurance) to use EQECAT’s Tornado/Hail model, which is a part of its WORLDCATenterprise catastrophe management software suite, to estimate loss potential for existing and prospective clients. Financial terms of the agreement were not disclosed.
EQECAT’s tornado/hail model employs 800,000 stochastic events simulating more than 20 million tornadoes and 60 million hail streaks to enable the most refined analysis of risk available.
“Through the use of EQECAT’s tornado/hail high-resolution models we will be able to provide our clients with insights into their exposure concentrations and potential losses,” said John DeMartini, senior vice president and Catastrophe Risk Management practice leader for Reinsurance.
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