A second project, the regional catastrophe Middle East Earthquake model has been developed. The models will be accessible on the open Oasis framework, with hosting also on a shared services basis that will be provided by Cinnober, Equinix and Datapipe.
The ten managing agents supporting the deal are: 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.
Trevor Maynard, Lloyd’s Head of Exposure Management and Co-chairman of Oasis said:
“I am delighted that Lloyd’s and the LMA have found a shared services solution for the Lloyd’s market in this way – I hope this is the beginning of a vibrant marketplace for models – available through the Oasis platform.”
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.”
Dickie Whitaker, CEO of Oasis said:
“Leaders in the catastrophe modelling field are realising the value of the new, extensible, scalable Oasis Platform and deploying high quality models. This opportunity realises a new range of cost effective transparent models coming to market.”
“This is not the first time Cinnober have been at the forefront of a paradigm shift and we take great pride in bringing this groundbreaking initiative in catastrophe risk loss modelling to market. Through close collaboration with Oasis, Lloyd’s and the LMA, we are helping to make the dream a reality.” Said Jamie Khurshid, CEO at BOAT Services Ltd, a subsidiary of Cinnober.
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.
Notes to editors
Oasis is a global not-for-profit company limited by guarantee and owned by its 43 members who come from within the insurance and reinsurance community. Its mission is to create and foster links throughout the wide community of those interested in modelling catastrophic risk across business, academia, and government.
For further information contact Dickie Whitaker, CEO, Oasis +44 (0)20 37 146 957
Lloyd's is the world's specialist insurance and reinsurance market that offers a unique concentration of expertise and talent, backed by strong financial ratings and international licences. It is often the first to insure new, unusual or complex risks, providing innovative insurance solutions for local, cross border and global risks. Its strength lies in the diversity and expertise of the brokers and managing agents working at Lloyd’s, supported by capital from across the world. In 2016, more than 90 syndicates are underwriting insurance and reinsurance at Lloyd's, covering all lines of business from more than 200 countries and territories worldwide. Lloyd's is regulated by the Prudential Regulatory Authority and Financial Conduct Authority.
About the Lloyd’s Market Association (LMA)
Formed in 2001 and located in the heart of the Lloyd’s Building in the City of London, the Lloyd's Market Association represents the interests of the Lloyd’s underwriting community. All underwriting businesses at Lloyd’s are members, together managing gross premium income of around £27 billion per annum. For more information visit: www.lmalloyds.com