BOSTON, Aug. 30, 2006 — AIR Worldwide Corporation (AIR) has been selected as the 2006 “Risk Modeling Agency of the Year” by the readers of Reactions magazine. The award, which was presented last night in New York, is determined through a vote open to all professionals in the insurance industry.
“During a challenging year for the industry, AIR maintained its commitment to providing insurers and reinsurers with the information needed for effective catastrophe risk management,” said S. Ming Lee, executive vice president, who accepted the award on behalf of AIR Worldwide Corporation. “We focused the industry’s attention on exposure data quality and worked with companies to assess and improve the quality of their data used for modeling. In an ongoing research effort, AIR scientists provided the industry with a rigorous analysis that quantified the considerable uncertainty in the expected magnitude and time horizon of potentially elevated hurricane risk along the coastline and, most importantly, the impact on regional insured losses.”
Over the past year, AIR also expanded its industry leading application of numerical weather prediction (NWP) technology, releasing the third-generation European winter storm model and the industry’s first U.S. winter storm model. Software releases in 2006 featured significant performance improvements and enhancements for data management.
“We are delighted by this vote of confidence from the industry,” added Karen Clark, president and CEO of AIR. “The licensing of a model marks only the beginning of our relationship with our clients. It is the subsequent and ongoing dialog that allows us to continuously 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. An ISO business, 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.
ISO is a leading provider of products and services that help measure, manage and reduce risk. ISO provides data, analytics and decision-support solutions to professionals in many fields, including insurance, finance, real estate, health services, government and human resources. Clients use ISO’s databases and services to classify and evaluate a variety of risks and detect potential fraud. In the U.S. and around the world, ISO services help customers protect people, property and financial assets.
AIR Worldwide Corporation