JERSEY CITY, N.J., February 17, 2016 — Property Claim Services® (PCS®), a Verisk Analytics (Nasdaq:VRSK) business, is excited to announce that AG, a leader in the global ILW market, is the latest reinsurance intermediary to secure a license to facilitate PCS Turkey–triggered industry loss warranties (ILWs).
Few reinsurance brokers have taken the important step of securing an ILW license to facilitate client transactions, which has made having one a salient competitive advantage in the marketplace. By adding an ILW license for Turkey, AG demonstrates its commitment to its clients and to bringing original risk into the market. AG was among the first reinsurance intermediaries to secure licenses to facilitate U.S. and Canadian ILW transactions for its clients.
Launched in May 2015 and operated in collaboration with Istanbul Underwriting Center (IUC), PCS Turkey provides industry loss estimates for events in excess of US$10 million arising from all natural and man-made perils.
“By expanding PCS’s relationship with Turkey, AG has taken an important step forward in supporting its clients in the ILW market,” said Tom Johansmeyer, assistant vice president, Reinsurance Services, Verisk Insurance Solutions. “Further, this could help bring more original risk into a global reinsurance market that needs increased opportunity to deploy capital.”
“We’re proud to be among the first companies to adopt PCS Turkey,” added Robert Alexander, managing director of AG. “As one of the most active ILW brokers in the world, we believe in making execution as efficient as possible for our clients, and having a license to help them is a big part of that. By being among the first to adopt PCS Turkey, we remain at the forefront of risk-transfer thinking—and action.”
AG is a Lloyd’s insurance and reinsurance broker and is regulated by the Financial Conduct Authority in the UK (FRN: 310156). AG is a market leader in the supply of ILWs and other specialist catastrophe loss products, servicing clients in capital markets around the world. AG also supplies customers with traditional non-marine insurance and reinsurance services and originally built its reputation in the traditional direct marine market, offering services across all traditional lines, including H&M, P&I, Cargo, and Liability.
About Verisk Analytics
Verisk Analytics (Nasdaq:VRSK) is a leading data analytics provider serving customers in insurance, natural resources, healthcare, financial services, government, and risk management. Using advanced technologies to collect and analyze billions of records, Verisk Analytics draws on unique data assets and deep domain expertise to provide first-to-market innovations that are integrated into customer workflows. Verisk offers predictive analytics and decision support solutions to customers in rating, underwriting, claims, catastrophe and weather risk, global risk analytics, natural resources intelligence, economic forecasting, and many other fields. In the United States and around the world, Verisk Analytics helps customers protect people, property, and financial assets.
Headquartered in Jersey City, N.J., Verisk Analytics operates in 22 countries and is a member of Standard & Poor’s (S&P) 500® Index. Verisk Analytics is also part of the NASDAQ-100 Index, which includes the 100 largest nonfinancial securities listed on the NASDAQ stock market. Its common stock is traded on NASDAQ under the symbol VRSK. In 2015, Verisk was ranked 18th on Forbes World’s Most Innovative Companies list. For more information, please visit www.verisk.com.