BOSTON, September 20, 2004 — AIR Worldwide Corporation (AIR) has been named the 2004 "Risk Modeling Agency of the Year." The award, which was presented last week at the Monte Carlo Reinsurance Rendezvous, is sponsored by Reactions magazine and is the only award of its kind to be determined through a vote open to all professionals in the insurance industry. Voting for the award took place during the months of June and July.
"Over the past year, AIR has continued to deliver innovative new modeling solutions to the insurance industry," said Karen Clark, president and CEO of AIR Worldwide. "We are delighted to be recognized by the industry for our efforts.
AIR has extended its track record of innovation with the introduction of new techniques for modeling the catastrophe risk of life, accident and health, and disability portfolios. AIR has already completed numerous client projects for major insurers and is working to further advance the tools and techniques for catastrophe analysis of life and casualty portfolios.
Later this year, AIR will unveil several new models, including the industry's first NWP-based U.S. winter storm model and the first fully probabilistic earthquake model for the People's Republic of China.
AIR's technological leadership extends beyond the development of new models to the way the industry uses catastrophe models. AIR is providing clients with innovative new technologies to streamline underwriting and other business processes through software integration and improved data management. One example is AIR's introduction of an application programming interface that enables insurers and reinsurers to run catastrophe analyses directly from their underwriting application, dramatically improving catastrophe analysis efficiency.
"The licensing of a model marks only the beginning of the relationship with our clients," continued Ms. Clark. "AIR not only provides software training, installation and subsequent support at no additional charge, but we will also give clients direct access to the scientists and engineers who develop the models. We highly value the ongoing dialog we have with our clients; it allows us continuously to enhance our products and services to meet their evolving needs."
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. A member of the ISO family of companies, AIR was founded in 1987 to provide 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)