Ten managing agents have been a significant boost thanks to a new deal that has been struck between Lloyd’s and the Lloyd’s Market Association (LMA) and US hurricane model provider Applied Research Associates.
The deal will see the Hurloss model available to Lloyd’s managing agents on a shared services basis; with a second model, a regional catastrophe Middle East Earthquake model, also developed.
The models, which will be accessible on the open Oasis framework, with hosting on a shared services basis, will be provided by Cinnober, Equinix and Datapipe with 10 managing agents supporting the deal – namely: Ascot,
Beazley,
Barbican,
Chubb, RenaissanceRe,
Tokio Marine Kiln,
SCOR (Channel), Starstone,
Sompo Canopius and XL Catlin. Other managing agents may participate in future arrangements for catastrophe modelling on the Oasis platform on a shared services basis, according to a release.
Speaking about the deal, Neil Maidment, LMA Chairman and Chief Underwriting Officer, Beazley Plc said: “The LMA has been fully involved in this initiative throughout the past two years and together with its members, has worked closely with Lloyd's and Oasis, from concept through to final delivery. We are pleased that our members will now be able to derive tangible benefits from this initiative, including the availability of models for exposure management and catastrophe modelling on a shared services basis.”
Meanwhile, Dickie Whitaker, CEO of Oasis, outlined the benefits the platform can offer.
“Leaders in the catastrophe modelling field are realising the value of the new, extensible, scalable Oasis Platform and deploying high quality models,” he said. “This opportunity realises a new range of cost effective transparent models coming to market.”
The next steps for Oasis include extending its platform and models to the global insurance market to achieve a clearer understanding of risk especially in developing countries vulnerable to climate change.
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