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AIR Worldwide Corp. announced the opening of AIR Worldwide GmbH in Munich, Germany, “to meet the needs of its expanding client base in the region.” Yoern Tatge will head the new office.
AIR noted: “Europe has been an area of particular focus for AIR over the past several years. AIR’s extratropical cyclone model–first introduced in 2000–is the only wind model for the region that employs Numerical Weather Prediction (NWP), a technique based on the actual physics of the atmosphere. AIR’s earthquake model for the Mediterranean region–first introduced in 1997–was updated in 2005. The models, which are available in AIR’s CLASIC/2(TM) and CATRADER(R) systems, enable European insurers and reinsurers to estimate potential losses using individual risk, policy-level, or aggregate-exposure information.”
The new facility seems to be getting a warm reception. “We are delighted that AIR is opening an office in Continental Europe as it is sure to enhance their already outstanding customer service,” stated Eberhard Mueller, managing director of Germany’s Hannover Re. “We look forward to working closely with Mr. Tatge, whose catastrophe modeling expertise will be a valuable resource for Hannover.”
Tatge noted: “While attention has recently been focused on hurricane activity in the U.S., insurers and reinsurers should not forget that European exposure is also at risk from natural catastrophes. The recent Solvency II legislation requires companies to engage in more stringent risk management practices, which further increases European primary insurers’ and reinsurers’ need for catastrophe models that incorporate the most advanced science.”
Tatge has more than 14 years of catastrophe modeling experience. He spent the last eight years in Converium’s risk modeling department where he worked extensively with third party and Converium’s proprietary catastrophe models. He also worked for six years as senior consultant and account manager for AIR Worldwide in London and Boston. He received his master’s degree in business administration and economics from the University of Hannover.
“AIR’s European client base has been growing rapidly,” stated AIR president and CEO Karen Clark. “Yoern’s extensive knowledge of the European market and detailed understanding of risk modeling make him the ideal choice to lead our efforts in better serving the expanding catastrophe risk management needs of insurers in the region.”
AIR Worldwide GmbH will service clients in Germany, Switzerland, Austria, Scandinavia, and Eastern and Southeastern Europe. The office is located at Brunnstrasse 1, 80331, Munich. Mr. Tatge can be reached at +49(0)151-19358142 or ytatge@air-worldwide.com.