BOSTON, Jan. 19, 2006 — AIR Worldwide Corporation (AIR) announces the opening of AIR Worldwide GmbH in Munich, Germany, to meet the needs of its expanding client base in the region. AIR Worldwide GmbH will be headed by Mr. Yörn Tatge.
"We are delighted that AIR is opening an office in Continental Europe, as it is sure to enhance their already outstanding customer service," said Eberhard Müller, managing director at Germany-based Hannover Re. "We look forward to working closely with Mr. Tatge, whose catastrophe modeling expertise will be a valuable resource for Hannover."
Europe has been an area of particular focus for AIR over the past several years. AIR's extratropical cyclone model—first introduced in 2000—is the only wind model for the region that employs Numerical Weather Prediction (NWP), a technique based on the actual physics of the atmosphere. AIR's earthquake model for the Mediterranean region—first introduced in 1997—was updated in 2005. The models, which are available in AIR's CLASIC/2TM and CATRADER® systems, enable European insurers and reinsurers to estimate potential losses using individual risk, policy-level, or aggregate-exposure information.
"While attention has recently been focused on hurricane activity in the U.S., insurers and reinsurers should not forget that European exposure is also at risk from natural catastrophes," said Mr. Tatge. "The recent Solvency II legislation requires companies to engage in more stringent risk management practices, which further increases European primary insurers' and reinsurers' need for catastrophe models that incorporate the most advanced science."
Mr. Tatge has more than 14 years of catastrophe modeling experience. He spent the last eight years in Converium's risk modeling department, where he worked extensively with third-party and Converium's proprietary catastrophe models. Prior to Converium, Mr. Tatge worked for six years as senior consultant and account manager for AIR Worldwide in London and Boston. He received his master's degree in business administration and economics from the University of Hannover.
"AIR's European client base has been growing rapidly," said Karen Clark, president and CEO of AIR. "Yörn's extensive knowledge of the European market and detailed understanding of risk modeling make him the ideal choice to lead our efforts in better serving the expanding catastrophe risk management needs of insurers in the region."
AIR Worldwide GmbH will service clients in Germany, Switzerland, Austria, Scandinavia, and Eastern and Southeastern Europe. The office is located at Brunnstrasse 1, 80331, Munich. Mr. Tatge can be reached at +49(0)151-19358142 or email@example.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.
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's services help customers protect people, property and financial assets.
Michael Gannon (AIR Worldwide)