JERSEY CITY, N.J., September 27, 2011 (GLOBE NEWSWIRE) – The Verisk Catastrophe Index by Verisk Analytics (Nasdaq:VRSK), a leading source of information about risk, was named Reinsurance Initiative of the Year at the 2011 Worldwide Reinsurance Awards in London.
Sponsored by The Review, the Worldwide Reinsurance Awards recognize excellence in the industry across all fields, from reinsurance companies to catastrophe modeling firms.
The Verisk Catastrophe Index supplies highly detailed insured property loss estimates — by county and line of business — after catastrophes. The index provides values that companies can use as triggers for a variety of traded financial market instruments, including reinsurance contracts, catastrophe bonds, industry loss warrants (ILWs), and other catastrophe derivative instruments, such as swaps, options, and futures.
The Verisk Catastrophe Index builds upon the strengths of two industry leaders — ISO’s Property Claim Services (PCS) unit and AIR Worldwide (AIR). The index combines information that PCS and AIR each develop independently and without mutual influence. PCS and AIR are subsidiaries of Verisk Analytics.
“Our judges felt the detail and clarity provided by the Verisk Catastrophe Index made the team a worthy winner of this year’s award for Re/insurance Initiative of the Year,” said Gareth Arnold, editor of The Review. “Judges concluded that the index was flexible enough to adapt to individual companies’ particular risk protection needs and robust enough to provide a good estimate of actual damage across perils, counties, and lines of business.”
“It has been a testing time for the industry, and we are delighted to pay tribute to all our winners who work so hard and contribute so much,” added Arnold. “The awards — the only ones internationally recognized since their inception back in 1994 — seek to highlight companies and individuals who have made a real impact over the last year, yet we expect our winners to have a significant impact on the industry for a long time to come.”
About The Review
The Review, founded in 1869, provides timely and incisive coverage of the global reinsurance, insurance, and insurance-linked securities markets. TheReview.biz website includes free reinsurance news from The Review magazine – plus an extensive ten-year reinsurance news archive, ReRatings, our unique directory of reinsurers, profiles of leading industry figures, legal updates, and event news (including the Baden Baden conference), and the Worldwide Reinsurance Awards. All the elements of The Review brand are designed to provide highly targeted access to senior decision makers in the reinsurance market.
About Verisk Analytics
Verisk Analytics (Nasdaq:VRSK) is a leading provider of information about risk to professionals in insurance, healthcare, mortgage, government, and risk management. Using advanced technologies to collect and analyze billions of records, Verisk Analytics draws on vast industry expertise and unique proprietary data sets to provide predictive analytics and decision-support solutions in fraud prevention, actuarial science, insurance coverages, fire protection, catastrophe and weather risk, data management, and many other fields. In the United States and around the world, Verisk Analytics helps customers protect people, property, and financial assets. For more information, visit www.verisk.com.
MWW Group (for Verisk Analytics)
Treasurer and Head of Investor Relations
Verisk Analytics, Inc.