Five-year contract provides access to consulting, natural peril and financial modelling
Benfield has announced it has signed a five-year agreement to provide a range of risk modelling and consulting services to Lloyd’s and to syndicates within the Lloyd’s market.
Under the terms of the agreement, Lloyd’s will licence Benfield’s DFA modelling tool ReMetrica Professional Edition for its own regulatory capital modelling requirements.
A special edition of ReMetrica will also be developed over time and offered on a non-compulsory basis to Lloyd’s syndicates to assist them with their own capital and portfolio modelling. Each syndicate will also receive a copy of ReMetrica Limited Edition for use in building reinsurance models.
In addition to the financial risk modelling tools, the new contract also includes a broad-based consultancy agreement giving Lloyd’s access to the specialist analytical and modelling skills within Benfield’s 200-strong global ReMetrics team of actuaries, financial analysts, natural hazards modellers and risk consultants.
Mike Steel, chairman of Benfield ReMetrics said: “It is ever more vital for underwriting entities to have a truly comprehensive understanding of the way their full range of financial risks can and do interact – hence Benfield’s decision eleven years ago to develop ReMetrica. This agreement with Lloyd’s further endorses both the value of ReMetrica as a capital modelling tool and Benfield’s position as the leading intermediary for risk modelling.”
Rolf Tolle, director, franchise performance at Lloyd’s said: “We look forward to working with Benfield and their ReMetrics team. Their risk modelling tools and expertise are highly regarded, and they will enable Lloyd’s and each of the Lloyd’s syndicates to more effectively manage their risk.”