JERSEY CITY, N.J., July 13, 2016 — Property Claim Services® (PCS®), a Verisk Analytics (Nasdaq:VRSK) business, is pleased to announce that ILW market leader Beach & Associates Limited (Beach) is the latest reinsurance intermediary to secure a license to facilitate PCS-triggered industry loss warranties (ILWs). A long-time PCS customer, Beach can now facilitate ILWs covering the United States, Canada, and Turkey.
Beach can now facilitate ILWs between parties that currently do not have licenses of their own, while remaining compliant with the PCS policy that requires at least one participant in the transaction (including the intermediary) have a valid PCS license for ILW transactions. Since not all reinsurance brokers have taken this important step, having a PCS ILW license provides a clear competitive advantage in the marketplace.
Beach’s newly expanded relationship with PCS enables its clients to ensure that their ILW cover includes properly licensed catastrophe loss estimate data for the United States, Canada, and Turkey. Proper licensing can have significant implications if an event occurs that could trigger the instrument.
“I’m looking forward to working more closely with the Beach team, especially in a market where savvy thinking can lead to unique ILW opportunities,” said Tom Johansmeyer, assistant vice president, PCS Strategy and Development. “Further, unlicensed use of the PCS Catastrophe Loss Index involves certain key risks, particularly if a triggering event occurs. Beach has taken an important step forward in protecting its clients. We’re proud to have a new opportunity to serve a loyal client that’s been with us for years.”
“PCS is a fundamental part of our ILW business,” added Clark Hontz, partner, Beach. “As one of the handful of reinsurance brokers with a license, we look forward to helping our clients more effectively. Particularly following the accumulation of hail losses in Texas and the Fort McMurray wildfire in Canada, we see how different types of events can have retrocessional protection implications. In this evolving market, being properly licensed is more important than ever.”
Verisk Analytics (Nasdaq:VRSK) is a leading data analytics provider serving customers in insurance, natural resources, and financial services. 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. Around the world, Verisk Analytics helps customers protect people, property, and financial assets.
Headquartered in Jersey City, N.J., Verisk Analytics operates in 23 countries and is a member of Standard & Poor’s (S&P) 500® Index. In 2015, Forbes magazine named Verisk Analytics to its World’s Most Innovative Companies list and, in 2016, to its America’s Best Large Employers list. Verisk is one of only 15 companies in the United States to appear on both lists. For more information, please visit www.verisk.com.
Beach is a leading independent specialty reinsurance intermediary with a reputation for innovative reinsurance placements for complex and technical books of business. As an independent reinsurance intermediary, Beach is not beholden to the status quo way of reinsuring a portfolio. Instead, they have a demonstrable track record of creating alternative reinsurance solutions when the existing arrangements fail to satisfy their clients’ particular needs.
At Beach’s core is the experience and expertise of the senior management team. Over the years, their client base has grown significantly and Beach as an organization has grown along with it in order to better serve the needs and requirements of their clients. Today Beach have a global team of over 140 experienced and talented employees in seven offices dedicated to providing bespoke advisory, portfolio, and reinsurance solutions.
More information about Beach can be found on their website beachgp.com.
Tom Horrell (for Beach)
+1 441 296 2772
Stefano Nicolini (for Beach)
+1 646 561 5386