Berkshire Hathaway firm General Reinsurance (Gen Re) has deployed AIR Worldwide’s Touchstone platform along with its complete suite of global catastrophe models.
Gen Re has embraced the platform’s Hazard Analytics, Geospatial Analytics, and Data Quality Analytics modules, in addition to Touchstone’s detailed loss modeling capability.
The company will implement the Touchstone platform at its global insurance and reinsurance operations, including the Lloyd’s syndicate Faraday, Gen Re Cologne, Gen Re North America, Gen Re Fac, and General Star.
AIR Worldwide senior vice president Rob Newbold said: "Touchstone offers a suite of tools to help companies like Gen Re truly understand and own the risk by providing the flexibility, transparency, and performance needed in today’s risk management landscape.
"Touchstone has an open platform architecture, which means companies can seamlessly integrate third-party data and models to manage their nonmodeled risk or even test alternative views for perils and regions where an AIR model already exists."
Touchstone platform will be used in a wide range of risk management needs, ranging from underwriting of excess and surplus (E&S) business to enterprise wide roll-up and reporting functions.
AIR had introduced Touchstone in January 2013 for catastrophe risk management and is planning to release Touchstone 3.0 later this year.
Touchstone 3.0 will help firms to compare current portfolio losses with those from previous periods or compare loss results from an updated model with those from the previous release.
With a network of about 40 branch and subsidiary offices in key reinsurance markets, Gen Re provides reinsurance solutions to the property/casualty insurance industry.