BOSTON, April 5, 2004 — AIR Worldwide Corporation (AIR) announces its new corporate headquarters at 131 Dartmouth Street in the Back Bay section of Boston. The new space, which is twice the size of AIR's previous headquarters, is designed to accommodate AIR's fast-growing staff.
"AIR's growth over the past two years has been phenomenal," said Karen Clark, president and CEO of AIR Worldwide Corporation. "We've signed more than 40 new clients in the last year. As our client base continues to expand, increasing our staff has been essential to maintaining the quality of service our clients expect." In addition to significant expansions of its software, consulting and support teams, AIR has increased its scientific and engineering staff, who are currently at work developing new models for both natural and man-made catastrophes, according to Clark.
In 2003, AIR released its second-generation numerical weather prediction-based European windstorm model, enabling European insurers and reinsurers, for the first time, to estimate windstorm losses at the individual risk and policy level utilizing risk modeling techniques based on the actual physics of the atmosphere. Last year also saw the release of updated earthquake and typhoon models for Australia, Hong Kong, Indonesia, New Zealand, the Philippines and Taiwan.
AIR's software development team has released a number of innovative products to the insurance industry over the past six months. In November 2003, AIR and ISO launched ISO HomeValue, a web-based residential replacement cost estimator. January marked the first client installation of CATools, which enables insurers to link their underwriting application directly to AIR catastrophe models, precluding the need to exchange significant data volumes with a separate modeling system.
AIR's new address is 131 Dartmouth Street, Boston, MA 02116. Phone and fax numbers are unchanged. AIR, a wholly owned subsidiary of ISO, has additional offices in the United States, Europe and Asia.
About AIR Worldwide Corporation
AIR Worldwide Corporation (AIR) is a leading risk modeling company helping clients manage the financial impact of catastrophes and weather. Utilizing the latest science and technology, AIR models natural catastrophes in more than 40 countries and the risk from terrorism in the United States. Other areas of expertise include site-specific seismic engineering analysis, catastrophe bonds and property replacement cost valuation. Founded in 1987, AIR offers its insurance, reinsurance, corporate and government clients a complete line of risk modeling software and consulting services that produce consistent and reliable results. Headquartered in Boston, AIR has additional offices in North America, Europe and Asia. For more information, please visit www.air-worldwide.com.
Mike Gannon (AIR)