Kuala Lumpur, 7 May, 2018 — Malaysian Reinsurance Berhad (Malaysian Re), a wholly owned subsidiary of MNRB Holdings Berhad (MNRB) today announced it has licensed AIR Worldwide’s catastrophe risk modeling platform for portfolio management and managing new risks.
Malaysian Re is deploying AIR’s catastrophe modeling solution to support its reinsurance operations for a broad range of risk management solutions including risk pricing and portfolio management and as a tool to help expand into new markets and lines of business.
“As Malaysian Re continues to maintain its strong market presence in Asia, the Middle East and North Africa, we are also expanding into new markets,” said Zainudin Ishak, President & CEO of Malaysian Re. “Partnering with AIR is our strategic move in line with Malaysian Re’s ongoing Business Transformation 2020 Programme (T20) which was launched in April last year. The T20 programme is our initiative towards achieving the Company’s vision of becoming the preferred reinsurer in the region. In doing so, we need to enhance ourselves with a modern and advanced risk management software that can assist us to better quantify, analyze and manage our exposure to risks. We will leverage AIR’s solutions to help us meet the expanding needs of our customers and offer enhanced value added services”, he added.
“We’re pleased to be working side-by-side with Malaysian Re, the largest national reinsurer (by asset) in the Southeast Asian region,” said Yen Chin, director of business development for Southeast Asia at AIR. “As part of this collaboration, we are able to provide Malaysian Re with the combined power of our risk management software platform, our advanced models, and our market-leading customer support team to price and manage the expansion of its business. We look forward to the positive impact that will yield through this strategic collaboration”.
About Malaysian Re
Malaysian Reinsurance Berhad (Malaysian Re) is a wholly owned subsidiary of MNRB Holdings Berhad (MNRB). As the national reinsurer, Malaysian Re continues to enhance the competitiveness and efficiency of the local insurance companies in an increasingly globalised marketplace through its active involvement in leading and underwriting their reinsurance needs. For more information, please visit www.malaysian-re.com.my.
About AIR Worldwide
AIR Worldwide (AIR) provides risk modeling solutions that make individuals, businesses, and society more resilient to extreme events. In 1987, AIR Worldwide founded the catastrophe modeling industry and today models the risk from natural catastrophes, terrorism, pandemics, casualty catastrophes, and cyber incidents. Insurance, reinsurance, financial, corporate, and government clients rely on AIR’s advanced science, software, and consulting services for catastrophe risk management, insurance-linked securities, site-specific engineering analyses, and agricultural risk management. AIR Worldwide, a Verisk (Nasdaq:VRSK) business, is headquartered in Boston, with additional offices in North America, Europe, and Asia. For more information, please visit www.air-worldwide.com.