Ark Syndicate Management Chooses RMS® Catastrophe Modeling Software
Newark, Calif. – May 2007 – Ark Syndicate Management has entered into an agreement with Risk Management Solutions (RMS), the world’s leading provider of products and services for catastrophe risk management, to license its RiskLink® catastrophe modeling platform.
Ark, a Lloyd’s-based underwriting agency, was founded in early 2007 by senior executives from Wellington and Aspen, and is funded by Jeff Greenberg’s private equity firm, Aquiline Capital Partners.
The management of catastrophic exposures is playing an increasingly critical role in the Lloyd’s market, which has for years been at the forefront of applying catastrophe models for both underwriting and internal risk management strategies. RMS already licenses RiskLink® and its catastrophe models to 18 of the 20 largest Lloyd’s managing agents, but Ark’s decision to license the software confirms that RMS can meet the modeling needs of all sizes of reinsurer in the London market.
“RMS has a reputation for developing and supporting highly sophisticated catastrophe models in the market,” said Ian Beaton, CEO of Ark Syndicate Management. “We were familiar with RMS’ commitment to client service from our days at Aspen, Wellington and XL, but their ability to understand and accommodate our commercial needs really impressed us as we launched this new venture.”
David Foreman, who has more than 30 years’ experience at Lloyd's and serves as Ark’s Chief Underwriting Officer, is also confident that RMS will enhance the syndicate’s exposure management strategy and processes. He commented: “RMS models can enhance the underwriting process as they are founded on robust science and provide an independent view of risk. As part of a holistic approach to risk management we anticipate RMS’ models will assist us in generating a sustained, attractive return on equity.”
Jason Futers, vice president of the RMS London market practice, commented: “Naturally, we are delighted that Ark has chosen to partner with RMS. We will help them roll out the models effectively to ensure their experienced team hits the ground running.” He added: “Once they are fully up to speed, we’ll explore how we can work together more closely to develop a combined exposure and risk modeling environment to provide Ark’s underwriters and management with a dynamic and complete view of risk.”
About Ark
Ark Syndicate Management Ltd (‘ASML’) is a Managing Agency at Lloyd’s. It was established in March 2007 to support a new syndicate underwriting a diversified and balanced portfolio of reinsurance and insurance business including marine, energy, property and casualty lines. Ark trades as Syndicate 4020 at Lloyd’s.
ASML’s parent company, Group Ark Insurance Holdings Ltd, is based in Bermuda. The company has capacity to write £114m of business in 2007. Depending on market conditions, this is likely to double in 2008.
Ark benefits from Lloyd’s financial strength ratings of A+ from S&P, A+ from Fitch, and A from AM Best.
Ark is backed by a private equity consortium led by Aquiline and includes Lehman Brothers, Swiss Re, and Whittington.
Ian Beaton – Chief Executive Officer
Prior to joining Ark, Ian Beaton was Head of Insurance at Aspen Insurance Holdings from 2003. Previous to this he was a co-leader of McKinsey’s European Property and Casualty insurance practice which he joined in 1993. Ian has more than 11 years experience in the P&C industry.
David Foreman – Chief Underwriting Officer
David Foreman has more than 30 years experience at Lloyd’s. Prior to joining Ark, David was CUO of Wellington Syndicate 2020 where he spent 14 years. David is a past Chairman of the Lloyd’s Non-Marine association and member of the Lloyd’s Market Board.
About RMS
Risk Management Solutions is the world’s leading provider of products and services for catastrophe risk management. More than 400 leading insurers, reinsurers, trading companies, and other financial institutions rely on RMS models to quantify, manage, and transfer risk. Founded at Stanford University in 1988, RMS serves clients today from offices in the U.S., Europe, India and Japan. For more information, visit our web site at www.rms.com.
RMS and RiskLink are registered trademarks, and the RMS logo is a trademark of Risk Management Solutions, Inc. All other trademarks are property of their respective owners.
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