RMS and Beaufort enter licensing agreement

Beaufort Underwriting Agency Ltd, on behalf of its managed syndicate MSF Pritchard – Syndicate 318, has licensed Risk Management Solutions (RMS)’ RiskLink catastrophe modeling platform. This license agreement is a response to what Beaufort views as the increasingly critical role of exposure and catastrophe modeling management for the Lloyd’s market. RMS licenses the RiskLink catastrophe modeling platform to 20 Lloyd’s managing agents. “Licensing RMS catastrophe models highlights our commitment to continuously developing the sophistication of our exposure management strategy, and is an important addition to our existing systems,” Michael Pritchard, Active Underwriter of Syndicate 318, says. Beaufort says it will “license peril models for the U.S., Caribbean, and U.K. to help manage exposures in these key insurance markets.”The Syndicate says it will take particular advantage of the May 2006 upgrades to the RMS U.S. and Caribbean Hurricane models, which include major lessons learned on storm and surge behavior and building, contents, and time element vulnerability to accurately simulate the potential range of damage an insurer can expect to experience due to a hurricane event.