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AIR-U.S. RE Joint Venture Brings CAT Modeling to Scandinavia

AIR (Applied Insurance Research), the Boston-based catastrophe modeling firm, has teamed up with U.S. RE-Europe in a joint venture to bring AIR's sophisticated cat modeling services to insurers in Scandinavia.

"The need for more advanced techniques of determining probable maximum loss exposures was dramatically demonstrated by the devastating storms that raged across Northern Europe last winter," said Mark Lucas, Managing Director of U.S. RE-Europe. Mr. Lucas and Neil Wiseman, recently appointed Managing Director of AIR, Ltd., London, will visit insurers in Sweden, Denmark, and Norway to explain the scientifically advanced catastrophe models that have been designed to quantify winter storm exposures in Europe.

"AIR is poised for tremendous growth in both the European and Asian markets particularly with the recent releases of new generation catastrophe models for these regions," said Mr. Wisemen. U.S. RE has used AIR models extensively. AIR is the technological leader in catastrophe modeling services and software solutions to the insurance, reinsurance, and capital markets. AIR's models simulate losses from natural catastrophes such as hurricanes, hail, tornadoes, straight-line windstorms, flood, and earthquakes in over 23 countries.