Taiping Reinsurance Co. Ltd (TPRe) and Taiping Reinsurance Brokers Ltd. (TPRB), today announced they have licensed Moody’s RMS® Risk Modeler™, an application on the cloud-native Intelligent Risk Platform™ from Moody’s RMS, the leading global catastrophe risk modeling and solutions company.
TPRe, known for its strong market position and extensive international reinsurance business, has integrated Moody’s RMS Risk Modeler primarily to manage catastrophe risk aggregations, deploy capital, structure retrocession, and price reinsurance coverages. Adopting this advanced technology will allow TPRe to gain quicker and deeper risk insights from new models, ultimately better managing their risks and enhancing the understanding of catastrophe risks.
TPRB will employ Risk Modeler to enhance its customer and client services through quicker best-in-class risk analytics advisory, alongside achieving deeper risk insights from the new models. The technology will allow TPRB to better serve client needs by delivering more robust and timely risk analytics.
TPRe and TPRB are the first reinsurance businesses based in the Hong Kong/China region to upgrade to the Risk Modeler application from RiskLink® to maximize the value they get from Moody’s RMS risk modeling within a unified, efficient, and cost-effective solution. Using Risk Modeler, model versions can be run side-by-side quickly and easily; enabling cedants to better understand differences between Moody’s RMS model versions during treaty renewal negotiations, such as Version 23 model updates compared to Version 21 models. Both TPRe and TPRB will also be able to access the latest generation of high-definition (HD) risk models from Moody’s RMS, to offer the most up-to-date, and granular view of risk.
Andrew Hare, Insurance Leader, Asia Pacific at Moody’s RMS said: “We are delighted to announce the further extension of our partnership with TPRe and TPRB. The adoption of the IRP and Risk Modeler marks a significant milestone in streamlining the delivery of advanced risk insights to their clients. With the incorporation of the IRP and its applications, plus HD Models, both businesses now have a robust cloud-native platform, enhancing their ability to leverage the advantages of advanced risk modeling and analytics alongside the benefits of cloud technology. This extension solidifies our joint commitment to providing innovative solutions and reinforcing our collaborative efforts for mutual success.”