EQECAT, Inc., a subsidiary of ABSG Consulting Inc., and the leading authority on extreme-risk modeling, announced today that Benfield, the world's leading independent reinsurance and risk intermediary, has signed an agreement to license EQECAT's Gulf of Mexico U.S. Offshore Energy Model to assist clients in quantifying and managing risk in that market. The Offshore Energy Model is part of EQECAT's WORLDCATenterprise™ catastrophe management software platform.
"Benfield is pleased to license the EQECAT Offshore Energy Model, as we assist clients to better understand their exposure to hurricanes in the Gulf," John Moore, Head of International ReMetrics at Benfield, commented.
Financial terms of the agreement were not disclosed.
"EQECAT's Offshore Energy Model sets a new standard for modeling capabilities in that highly specialized market," said Richard Clinton, President of EQECAT.
"EQECAT is the first to provide a network reliability analysis to quantify the potential risk and impact of pipeline damage due to currents and mudslides that accompany hurricanes in the Gulf of Mexico," said Clinton. "In fact, the EQECAT Offshore Energy Model was used for the analysis support for the only offshore energy catastrophe bond issued."
The model is a result of collaboration between EQECAT and its parent ABS Consulting, which has decades of engineering and risk management expertise with offshore energy facilities.
"The EQECAT model is able to differentiate risk for the various platform types based upon age, location, configuration and air gap, among other characteristics that are the risk drivers," said Clinton. "The model was validated with recent damage and loss data from more than 50 operators."
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