Enhanced risk and capital decision platform offers powerful new functionality for catastrophe model results, reserves scenarios and reinsurer default risk
New York, NY (Feb. 20, 2013) – Guy Carpenter & Company, LLC, a leading global risk and reinsurance specialist, today announced the release of MetaRisk® 7.1, the latest version of the firm’s premiere risk and capital management decision-making tool. The platform offers access to a variety of new features and enhancements that will improve usability, increase overall functionality and enable the development of more accurate and efficient risk and capital models.
MetaRisk provides users with the ability to see, understand and interact with the drivers of risk, assess options accordingly, and make informed, proactive decisions to grow the value of their business. The platform is integrated to provide comprehensive underwriting, reserve, catastrophe, credit and investment risk capabilities.
As the industry’s most dynamic and transparent risk and capital decision tool, MetaRisk allows a company to communicate its risk processes and decision rationale to all constituents – from management to shareholders, regulators and rating agencies. It also enables users to meet the rigorous demands of Enterprise Risk Management and impending Solvency II requirements. With the release of version 7.1, the platform has evolve d to offer deeper access to a variety of databases and risk intelligence that enables users to quickly evaluate and mitigate the risks most salient to their business. These latest improvements provide faster and efficient modeling capabilities with even greater accuracy and transparency of results.
“This newest installment of the MetaRisk platform delivers access to new business-critical intelligence that was not available before and illustrates our commitment to continue to invest in developing leading-edge products and services for our clients,” said Don Mango, Head of Enterprise Analytics for Guy Carpenter. “With this upgrade, users will be able to quickly identify the drivers of adverse risk scenarios, run sensitivity analysis and dynamically evaluate alternatives to mitigate risk and find opportunities to grow their business profitably.”
MetaRisk 7.1 will feature new capabilities and enhancements including:
- Access to Catastrophe Models: A new import wizard allows direct access to RMS and AIR catastrophe model result databases. Through the new platform, users can now quickly and efficiently import data, blend results and modify event set frequencies and severities.
- Reserve Runoff Scenarios: Guy Carpenter’s MetaRisk Reserve™ (patent pending) will produce reserve runoff scenarios ready for import into the new MetaRisk 7.1 platform. Users are able to correlate the impacts across business lines and with other financial risk drivers to more accurately capture the effects of reserve risk on economic capital.
- Modeling Reinsurer Default: MetaRisk’s new Credit Risk functionality includes tables of reinsurer ratings and downgrade thresholds, allowing users to have the ability to model individual or classes of reinsurers and the impact of default on ceded loss amounts and company financials.
Additional enhancements have been made throughout the upgraded platform, including additions to policy profiles, frequency and severity libraries, reinsurance contract clause libraries, options for modeling correlation and report offerings. The platform’s other improvements include enhanced simulation performance, improvements to MetaRisk Fit and MetaRisk Reports, increased memory efficiency and multi-user support being made available for servers.
“With sustained global market and economic challenges ahead, the ability to clearly see the evolving landscape and accurately evaluate risk will be as crucial as ever,” said Steve White, Chief Actuary of Guy Carpenter. “Unlike many of the black box solutions in the marketplace, MetaRisk is designed to eliminate blind spots and allow users to make informed, proactive risk and capital management decisions with eyes wide-open.”
About Guy Carpenter
Guy Carpenter & Company, LLC is a global leader in providing risk and reinsurance intermediary services. With over 50 offices worldwide, Guy Carpenter creates and executes reinsurance solutions and delivers capital market solutions* for clients across the globe. The firm’s full breadth of services includes line-of-business expertise in agriculture; aviation; casualty clash; construction and engineering; excess and umbrella; life, accident and health; marine and energy; medical professional liability; political risk and trade credit; professional liability; property; retrocessional reinsurance; surety; terrorism and workers compensation. GC Fac® is Guy Carpenter’s dedicated global facultative reinsurance unit that provides placement strategies, timely market access and centralized management of facultative reinsurance solutions. In addition, GC Analytics®** utilizes industry-leading quantitative skills and modeling tools that optimize the reinsurance decision-making process and help make the firm’s clients more successful. For more information, visit www.guycarp.com.
Reactions magazine named Guy Carpenter Best Global Reinsurance Broking Company Overall and Best Reinsurance Broking CEO of the year in 2012. At the Reactions London Market Awards, Guy Carpenter was also named Reinsurance Broker of the Year and took home Reinsurance Broking Team of the Year honors for both Property and Aviation. In the past year, Guy Carpenter has also won Global Best ILS Advisor (GC Securities*), US Best ILS Advisor (GC Securities*) and US Best Broker for Casualty Reinsurance from Intelligent Insurer; Insurance Day‘s 2012 ILS Transaction of the Year (GC Securities*); and Reinsurance Broker of the Year for the Asia-Pacific region at the 16th Annual Asia Insurance Industry Awards. Guy Carpenter is a wholly owned subsidiary of Marsh & McLennan Companies (NYSE: MMC), a global team of professional services companies offering clients advice and solutions in the areas of risk, strategy and human capital. With 53,000 employees worldwide and annual revenue exceeding $11 billion, Marsh & McLennan Companies is also the parent company of Marsh, a global leader in insurance broking and risk management; Mercer, a global leader in talent, health, retirement, and investment consulting; and Oliver Wyman, a global leader in management consulting. Follow Guy Carpenter on Twitter @GuyCarpenter.
*Securities or investments, as applicable, are offered in the United States through GC Securities, a division of MMC Securities Corp., a US registered broker-dealer and member FINRA/SIPC. Main Office: 1166 Avenue of the Americas, New York, NY 10036. Phone: (212) 345-5000. Securities or investments, as applicable, are offered in the European Union by GC Securities, a division of MMC Securities (Europe) Ltd., which is authorized and regulated by the Financial Services Authority. Reinsurance products are placed through qualified affiliates of Guy Carpenter & Company, LLC. MMC Securities Corp., MMC Securities (Europe) Ltd. and Guy Carpenter & Company, LLC are affiliates owned by Marsh & McLennan Companies. This communication is not intended as an offer to sell or a solicitation of any offer to buy any security, financial instrument, reinsurance or insurance product.
**GC Analytics is a registered mark with the U.S. Patent and Trademark Office.