BOSTON & LONDON, February 28, 2007 — AIR Worldwide Corporation (AIR) today announced that Hardy (Underwriting Agencies) Limited (“Hardy”), a subsidiary of Hardy Underwriting Group plc, has licensed AIR’s catastrophe risk management systems. Hardy writes a broad range of business including both Treaty and Direct & Facultative (D&F) business and will use CLASIC/2™ and CATRADER® to enhance the underwriting processes of its managed syndicates 382 and 3820 and better manage global catastrophe risk.
“AIR’s catastrophe risk management system is our chosen tool for both the Property D&F and Treaty Reinsurance business lines; it fits well with Hardy’s new operational structure,” said Mr. Patrick Gage, Director and Active Underwriter at Hardy. “We can quickly validate — both quantitatively and visually — our cedants’ exposures and benchmark them against industry-wide exposures and loss. It is an important addition to our technical risk pricing capability.”
AIR’s systems will allow Hardy to estimate catastrophe loss potential at a highly detailed level to support their growing D&F business in the U.S., Caribbean, and Asia-Pac regions and Treaty business in Europe, U.S., and the Caribbean.
“We selected AIR because of the ease of use of their systems, the mapping and reporting functionalities, and the ability to import third party data,” continued Mr. Gage. “We were equally impressed by the AIR catastrophe models that underlie the software.”
Hardy continues to expand its range of business classes to include more non-marine business. “Hardy will use AIR’s systems to closely monitor catastrophe risk and continuously watch our exposure accumulations while managing our book of business,” concluded Mr. Gage.
“After an extensive assessment of their modelling needs and alternative solutions, Hardy chose AIR because our solution was the easiest to integrate into their existing environment and the usability of our applications matched their specific underwriting needs,” said Giovanni Garcia, manager of client services at AIR Worldwide. “Our relationship with Hardy reflects AIR’s expanding involvement with key syndicates in the Lloyd’s market.”
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.
About Hardy (Underwriting Agencies) Limited
Hardy (Underwriting Agencies) Limited is a subsidiary of Hardy Underwriting Group plc and is a specialist insurer operating within Lloyd's of London. Hardy provides 100% of the capital to syndicates 382 and 3820, underwriting syndicates within the Lloyd’s of London Insurance market. Syndicate 382 underwrites across most of the major classes of commercial insurance business except motor and liability sectors whilst 3820 has a more specific non-marine focus. Further information can be found on the company’s website: www.hardygroup.co.uk.
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 United States and around the world, ISO services help customers protect people, property and financial assets.
Kevin Long (AIR)