RMS said it inked partnerships with five additional companies in a bid to further diversify catastrophe modeling options for its new cutting-edge system.
Financial terms were not disclosed.
They join four third-party modelers already on board: Applied Research Associates Inc., a U.S. hurricane modeler; JBA Risk Management, a flood modeler; ERN, a Latin American specialist; and Risk Frontiers, an Australia and Asia Pacific specialist. The new deal boosts the options for RMS(one) to about 300 fully probabilistic models.
Collectively, the nine partners plan to launch 104 probabilistic catastrophe models on the RMS(one) system slated to be available to RMS users along with the RMS global model programs.
RMS said the advance will give the industry a first—being able to run models from multiple catastrophe modelers for insurer and reinsurer clients on the same platform. RMS(one) is an open, cloud-based system.
RMS co-founder and CEO Hemant Shah said in a statement that the company’s nine “ecosystem partners” are heavily focused on catastrophe models, but he added “we are committed to working with our partners to develop a wider range of models for the growing classes of exposures.”
Founded in 1988, RMS employs 1,200 people globally and is based in Newark. The company is formally launching RMS(one) April 15 at the Exceedance 2014 conference in Washington, D.C., slated to run from April 14-17.