Willis Re Adopts EQECAT's Offshore Energy Model in the Gulf of Mexico

EQECAT, a wholly owned subsidiary of ABSG Consulting Inc., and the leading authority on extreme-risk modeling, said today that Willis Re, the reinsurance arm of global insurance broker Willis Group Holdings Limited, has adopted EQECAT's Offshore Energy Model to assist clients in quantifying offshore energy risks in the Gulf of Mexico. The Offshore Energy Model is part of its WORLDCATenterprise(TM) catastrophe management software suite.

"We have awaited the release of EQECAT's Offshore Energy Model for the Gulf of Mexico with great interest. We expect the model will provide a valuable new perspective on evaluating catastrophe risk to offshore energy assets in the region," said Rowan Douglas, Managing Director, Willis Analytics International and Specialty, Willis Re.

"We are very pleased that an organization as well regarded as the Willis Group is the first reinsurance intermediary to begin using our state-of-the-art Offshore Energy Model," said Rick Clinton, EQECAT President. "Their decision to add this EQECAT model to their portfolio of software analysis tools reflects the need in the market for better models to quantify and manage offshore energy risk. Moreover, ABS Consulting is a leading independent provider of risk management services in the offshore energy market. ABS Consulting provides solutions for marine and offshore operators, business, finance and government. The detailed knowledge from decades of ABS Consulting's offshore experience and risk management expertise has played a major role in building a model that provides reliable offshore loss estimates, and enables insurers and reinsurers to differentiate, price and manage accumulated risk in this highly specialized market."