Aon Benfield, a reinsurance intermediary and capital advisor, has launched its new Solvency II-focused version 5 of ReMetrica, a new financial analysis tool for capital modeling.
According to the Aon Benfield, the ReMetrica has evolved to help re/insurers meet the proposed regulatory requirements under Solvency II and to enable more effective year of account reporting for the Lloyd’s market.
The new Solvency II-focused components enable re/insurers to enhance their internal models and deliver accounting reports for regulators. They include: Fair Value Report, Premium Provisions,and Reserving.
Aon Benfield said that it has worked with a group of insurers, predominantly from Lloyd’s, to shape enhanced functions for underwriting year reporting to meet the market’s requirements.
Aon Benfield claims that the tool will allow users to simplify existing models without reducing accuracy.
Enhancements will allow smaller, more compact models to improve ease of use and deliver calculation of reserves by underwriting year; allocation of reinsurance premiums and commissions by underwriting year and underwriting year reporting components.
Aon Benfield Analytics ReMetrica head Paul Maitland said Solvency II has been a key trigger in the next step of ReMetrica’s evolution.