Oakland, California – April 17, 2006 – EQECAT, Inc., the leading authority on extreme-risk modeling, said today that Commonwealth Insurance Company, a leading Canadian-based insurance provider, has signed a licensing agreement to use EQECAT’s WORLDCATenterprise™ platform and XML interface technology to create an integrated catastrophe management system.
Financial terms of the agreement were not disclosed.
“To give our underwriters the most up-to-date technology in selecting the appropriate risk and delivering superior service to clients, we sought an efficient automation process that quickly organizes certain tasks for CAT modeling efforts,” said Bruce Gregg, chief information officer, Commonwealth Insurance Company. “EQECAT’s XML interface and state-of-the-art risk modeling more than met those criteria.”
EQECAT’s WORLDCATenterprise™ platform can be accessed through its standard user interface or Extensible Markup Language (XML) technology. The XML interface technology enables companies to fully automate the catastrophe modeling process by directly accessing the software�s analysis engines over a network without going through the standard user interface. The accuracy and speed provided through EQECAT’s XML interface helps clients effectively drive revenues, reduce costs in various operational areas, and provide timely and collaborative use of essential catastrophe modeling information.
“We are pleased that Commonwealth Insurance Company has decided to license EQECAT’s WORLDCATenterprise platform and utilize our XML interface technology,” said Rick Clinton, president, EQECAT, Inc. “We view automation of the catastrophe modeling process as the next step in the evolution of modeling since it improves efficiency and enhances the ability of companies to incorporate catastrophe modeling directly into their underwriting process.”
EQECAT’s catastrophe modeling software platform incorporates the latest scientific and engineering research, as well as real-world experience as reflected in insurance claims data from recent global perils. This ongoing research, coupled with its innovative software, is reflective of EQECAT’s dedication to consistently adapt its products and services to meet the needs of its clients.
For additional information about EQECAT catastrophe models, please log on to www.absconsulting.com, or www.EQECAT.com, e-mail [email protected] or call the EQECAT hotline 510 817 3101.
About Commonwealth Insurance Company
Commonwealth Insurance Company, incorporated by an act of the Canadian Parliament in 1947, has operated as a federally registered insurer since 1950. The company is eligible to write business on an excess and surplus lines basis in 44 U.S. states, and the District of Columbia.
EQECAT Serves Global Clients Through Extensive WORLDCATenterprise�
Through its user-friendly, extreme-risk modeling software, WORLDCATenterprise™, 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.