BOSTON, October 20, 2004 — Ascot Underwriting Ltd (Ascot), a managing agent at Lloyd's of London, has selected AIR Worldwide to provide risk modeling software to manage its catastrophe risk. Ascot has licensed AIR's CATRADER® and CLASIC/2TM software applications and will use AIR's modeling technology to manage its catastrophe risk globally.
"AIR provides detailed, scientifically advanced and easy-to-use catastrophe modeling applications that will aid us in our underwriting and accumulation control and will allow multiple permutations of portfolio review," said Ascot Risk Manager Robert Dimsey. "We took this strategic decision to implement AIR's modeling technology across our full range of business to enhance our direct, facultative and catastrophe treaty underwriting worldwide."
CLASIC/2 allows insurers to estimate catastrophe loss potential at any level of detail down to an exact street address. It accounts for construction and occupancy type, building age and height, and more than 30 risk-specific structural details. CLASIC/2 incorporates an NWP-based extratropical cyclone model for Europe. With this capability, insurers can model European windstorm losses at the individual risk and policy level utilizing risk modeling techniques based on the actual physics of the atmosphere.
Ascot will also be using CATRADER, AIR's industry-standard treaty reinsurance application. CATRADER includes a unique U.S. property value exposure database that draws on information from AIR's new residential replacement valuation tool, ISO HomeValueTM, and ISO's extensive SPISM database of commercial properties.
"Over the past year, we have extended the scope of CLASIC/2, our detailed modeling system, to include Europe and made it easier for cedants and reinsurers to exchange detailed exposure data," said Neil Wiseman, managing director of AIR Ltd. in London. "Our relationship with Ascot represents AIR's expanding involvement with many key syndicates in the Lloyd's market, and we're very excited at the prospect of working with the highly professional team of underwriters and analysts at Ascot."
About Ascot Underwriting Ltd
Ascot Underwriting Limited (Ascot) is a Lloyd's Managing Agency, which started underwriting on 1st November 2001. The agency that manages Syndicate 1414 is led by Martin Reith, a leading Lloyd's underwriter. As the largest-ever start-up in Lloyd's history, Syndicate 1414 is the only syndicate to have been assigned an A+ (Superior) rating by A.M. Best. Further information and copies of recent press releases can be found on Ascot's website at www.ascotuw.com.
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)