BOSTON, February 1, 2007 — AIR Worldwide today announced that Karen Clark, its current president and CEO, will assume the role of vice chairman of the board of AIR, effective April 15, 2007. S. Ming Lee, currently the company’s executive vice president, will succeed her as president and chief executive officer.
As the founder of AIR Worldwide, Karen Clark is an internationally recognized expert in the field of catastrophe risk modeling. In 1987, Ms. Clark pioneered the probabilistic catastrophe modeling techniques that revolutionized the way insurers, reinsurers and financial institutions manage their catastrophe risk. In addition, she has led the development of innovative technologies that enable companies to identify, quantify and plan for the financial consequences of catastrophic events. In 2000, she was selected by Business Insurance as one of the “Top 100 Women in the Insurance Industry.” In 2001, Ms. Clark was honored as Woman of the Year by the Association of Professional Insurance Women (APIW) and in 2006, she was selected by Business Insurance as a “Woman to Watch.”
“Karen’s contributions to the insurance industry are significant and widely recognized,” said Frank Coyne, chairman, president and chief executive officer of ISO, AIR’s parent company. “I cannot overstate the groundbreaking quality of Karen’s work on behalf of the property/casualty industry and many other businesses and governmental agencies that must anticipate and prepare for natural and man-made catastrophes. We at ISO are very pleased that she will continue to play an active role in AIR for the next several years as both an advisor to the organization and as a board member.”
“When I started AIR in the late 1980s, the need for objective scientific tools for catastrophe risk assessment was clear,” Ms. Clark said. “Catastrophe modeling as a recognized insurance discipline did not exist, so I took up the challenge. Now, the next frontier lies in working more closely with decision makers in the industry to foster a deeper understanding of the models and how to use them most effectively. I’ve decided the time is right for me to rebalance my activities and pursue new challenges.”
“Twenty years ago, Karen Clark created an industry when she founded AIR, with a vision to change the way companies assess and manage their catastrophe risk,” continued Coyne. “Karen has also built a world-class management team at AIR that has the expertise and experience to successfully execute and expand on that vision.”
“Our business has never been stronger, and with our current leadership team, AIR is well-positioned for success in the years ahead,” Clark said. “I remain committed to providing strategic direction to the company, and I will be working side by side with Ming and AIR’s senior management to ensure a seamless transition.”
Mr. Lee joined AIR in 1996 and has managed several departments over the past decade. He currently directs the operations of AIR’s Consulting and Software Services Group, encompassing software product management and testing, technical support and catastrophe loss analysis services. Since the introduction of catastrophe bonds, he has led AIR’s modeling support for insurance-linked securities and was directly involved in many of the insurance industry’s landmark securitization transactions. Before joining AIR, Lee held senior executive positions at several leading information technology companies. A former U.S. Navy officer, Lee is a graduate of the Massachusetts Institute of Technology and Stanford Graduate School of Business.
“I look forward to leading AIR, and I am extremely confident that AIR’s management team will enable the company to build on our momentum,” Lee said. “AIR’s new models and updates to existing models will advance the science of catastrophe modeling, and our planned software updates will provide greater analytical insight and enhance our clients’ productivity. As always, we will continue to enhance our service and support offerings to better meet the evolving needs of our clients.”
“With AIR’s rapid growth worldwide, it is critical to appoint a leader who knows the industry and can continue to deliver the level of service that AIR clients expect,” explained Clark. “Ming has played an instrumental role in AIR’s growth and brings outstanding experience in building and expanding the capabilities of our software products and services group. His passion for ensuring superior customer service, his acknowledged leadership skills and deep knowledge of the catastrophe risk business make Ming ideally suited to lead AIR into the future. I have confidence that Ming will be able to take AIR to the next level.”
Mr. Coyne continued, “Karen’s strong business relationships with customers and her understanding of their requirements have enabled AIR to experience steady growth over the past 20 years. Her guidance and understanding of the industry have also had a profound effect on AIR’s effectiveness in this market. At the same time, I am very excited about AIR’s future growth under Ming’s leadership. He brings a wealth of experience to his new position. His widely recognized expertise in risk assessment and risk management technology—combined with his impressive track record as a manager—form an ideal combination. I’m confident that under Ming’s leadership AIR will continue its impressive record of growth by developing innovative analytic tools its customers need to better manage their catastrophe risk.”
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 United States and around the world, ISO services help customers protect people, property and financial assets.
Kevin Long (AIR)