EQECAT Inc., an authority on extreme-risk modeling, and analysis for catastrophe bonds and other insurance-linked securities, announced that Benfield Inc. has signed a licensing agreement to use EQECAT’s U.S Wildfire model, part of its WORLDCATenterprise catastrophe management software suite. Benfield Inc. is the U.S. division of Benfield Group Ltd., an independent reinsurance and risk intermediary.
“Managing exposure to wildfires is a growing industry concern,” said Rick Clinton, president of EQECAT. “Increased exposure reflects population growth, forcing new commercial and residential development adjacent to wildfire prone areas. We are confident that our wildfire model, as well as EQECAT’s suite of other risk management tools, will provide companies with a better understanding of the losses inherent to this particular peril,” he said.
“We are pleased that EQECAT has developed a wildfire model to address this important peril,” added Kevin Campion, executive vice president of Benfield’s Property Solutions team. “This new tool, along with Benfield’s own proprietary models, will help us and our clients evaluate exposure and potential losses due to wildfire.”
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