Boston-based AIR Worldwide Corporation announced that Hardy (Underwriting Agencies) Limited, a subsidiary of Hardy Underwriting Group plc, has licensed AIR’s catastrophe risk management systems.
Hardy, a prominent Lloyd’s underwriter, specializes in several different lines of business, including both Treaty and Direct & Facultative (D&F). It plans to use AIR’s “CLASIC/2(TM) and CATRADER(R) to enhance the underwriting processes of its managed syndicates 382 and 3820 and better manage global catastrophe risk”, said the announcement.
“AIR’s catastrophe risk management system is our chosen tool for both the Property D&F and Treaty Reinsurance business lines; it fits well with Hardy’s new operational structure,” noted Patrick Gage, Director and Active Underwriter at Hardy. “We can quickly validate–both quantitatively and visually–our cedants’ exposures and benchmark them against industry-wide exposures and loss. It is an important addition to our technical risk pricing capability.”
Hardy plans to use AIR’s systems to estimate catastrophe loss potentials to support their growing D&F business in the U.S., Caribbean, and Asia-Pac regions and Treaty business in Europe, U.S., and the Caribbean, as it continues to expand its range of business classes to include more non-marine business.
“Hardy will use AIR’s systems to closely monitor catastrophe risk and continuously watch our exposure accumulations while managing our book of business,” Gage concluded.
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