Financial services technology provider Simplitium has extended CAT modelling platform ModEx with reinsurance capability.
ModEx is the multi-peril catastrophe risk modelling platform operated on the Oasis Loss Modelling Framework (LMF). It offers
The new introduction expands the scope of ModEx to include the financial structures needed to model reinsurance contracts, offering support for facultative, quota share, surplus share, per risk excess of loss and catastrophe excess of loss.
It allows firms to develop a better understanding of their risks through comprehensive analysis.
Simplitium insurance product development head Matthew Jones said: “Reinsurance represented a major gap in the Oasis offering which has now been filled. The implementation of reinsurance in ModEx is a significant milestone as the platform develops and expands its offering.
“Crucially, this implementation strengthens ModEx’s position in the market as a viable alternative, or complement, to the incumbent modelling platforms.”
Simplitium said ModEx creates an ecosystem in which model vendors can make their models, hazard data and analytics available to the industry through a single platform.
The ModEx platform houses catastrophe models from eight different model vendors and a range of hazard data products.