.jpg)
Malaysian Reinsurance Bhd (Malaysian Re) has licensed AIR Worldwide’s (AIR) catastrophe risk modelling platform to manage its portfolio, as well as new risks.
The reinsurer will deploy AIR’s catastrophe modelling platform to support its reinsurance operations, including risk pricing and portfolio management and as a tool to help expand into new markets and lines of business, reported government news agency Bernama.
According to Malaysian Re president and CEO Zainudin Ishak, the company is determined to build on its strong market presence in the Asian, Middle Eastern, and North African markets and is also looking to expand into other geographical territories.
"Partnering with AIR is our strategic move in line with Malaysian Re's ongoing Business Transformation 2020 Programme, which was launched in April last year,” Zainudin said. “We will leverage AIR's solutions to help us meet the expanding needs of our customers and offer enhanced value added services.”
Meanwhile, Yen Chin, AIR’s director of business development for Southeast Asia, said: “We’re pleased to be working side-by-side with Malaysian Re, the largest national reinsurer (by asset) in the Southeast Asian region.”
Yen added that aside from its software platform, AIR will provide Malaysian RE with advanced models and access to customer support to help price and manage the expansion of its business.
