| [June 06, 2005] |
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EQECAT Hurricane Model Re-Certified by Florida Commission; Certification Of EQECAT Model Is Eighth Consecutive
OAKLAND, Calif. --(Business Wire)-- June 6, 2005 -- EQECAT, Inc., the authority on extreme-risk modeling, said today that the Florida Commission on Hurricane Loss Projection Methodology (FCHLPM) again unanimously re-certified EQECAT's Hurricane model for use in Florida.
The certification was the eighth in a row. "EQECAT continues to maintain a strong certification record and we are especially gratified that we have never had to go through a subsequent supplemental meeting," said Tom Larsen. senior vice president, of EQECAT.
"EQECAT's hurricane model has been certified by FCHLPM since the inception of the certification process," he said.
"One of the reasons for this record, we believe, is that we continually enhance our model's capabilities to meet the current needs of the insurance and reinsurance community," he said. "As we saw last year, EQECAT's model was superior in providing clients with the necessary analysis needed to assess expected losses due to hurricanes."
"In addition, our model is often sought out because it is designed to be user-friendly and able to be used easily in conjunction with the various systems and programs generally used by the insurance industry," Mr. Larsen said.
EQECAT provides leading insurance companies worldwide with innovative, reliable and technically robust tools and solutions, covering natural hazards in 88 countries, the highest number of any organization.
EQECAT's U.S. Hurricane model is used by primary insurers, reinsurers, intermediaries, and other financial institutions to develop strategies for pricing, portfolio management, and risk transfer.
Certification Includes On-Site Review By Expert Panel
To be certified, a company must meet a number of requirements set by the FCHLPM. The standards are verified by a professional team, consisting of an independent panel of experts, through an on-site review at the company. After the panel completes its review process, the company must present its model to the commission at the FCHLPM's annual conference.
The EQECAT Hurricane model met all requirements established by the FCHLPM, including those covering vulnerability, validation, computing, statistics, and the actuarial use of modeled loss costs. "The Florida certifications process presents users with a special opportunity to differentiate all models in a public venue," Mr. Larsen said.
As announced in April, EQECAT offered a "Hurricane Challenge" geared toward any direct property writer having commercial/or residential property premiums of $30 million or more in Florida. EQECAT will provide loss estimates for participants' specific portfolios, resulting from the 2004 hurricane season. EQECAT continues to conduct analyses under the terms of the "Challenge".
Hurricane Model Is Part Of WORLDCATenterprise(TM)
EQECAT's U.S. Hurricane model was released in 1994, and has undergone five major upgrades since then.
"The U.S. hurricane model is a part of our latest offering of the WORLDCATenterprise, providing users with a complete solution," Mr. Larsen said. "All our models may be licensed to our clients".
EQECAT Serves Global Clients Through Extensive WorldCATenterprise
Through its user-friendly, extreme-risk modeling software, WorldCATenterprise(TM), EQECAT enables clients to assess and manage potential damage and loss from wind, earthquakes, flood, wildfire, and terrorism, among other perils. WorldCATenterprise includes 167 natural hazard software models for 88 countries spanning six continents.
EQECAT, and its parent ABSG Consulting, Inc, serve the global property and casualty insurance industry, major multinational corporations and financial institutions. EQECAT is known as the technical leader and innovator in the development of analysis tools and methodologies to quantify insurers and major corporations' exposure to natural and man-made catastrophic risk.
EQECAT was founded in 1994 and is headquartered in Oakland, California. For additional information, please log on to www.absconsulting.com, or www.EQECAT.com.
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