Catlin Group Signs Multi-Year Software License with Conning
Conning, a leading global provider of asset management solutions, services and research to the insurance industry, announced today that the Catlin Group, an international specialty property/casualty insurer and reinsurer, has signed a multi-year license for Conning´s GEMS® Scenario Master.
After a competitive evaluation, the Catlin Group selected Conning to help the company simulate the economic impact of future states in financial markets. The Catlin Group will use GEMS® Scenario Master to meet Solvency II requirements, as well as for economic capital modeling. Conning´s GEMS® Scenario Master is a state-of-the-art, general purpose Economic Scenario Generator that enables users to simulate future states of the global economy and financial markets. Its financial models are among the most technologically advanced in the industry, ensuring that models perform consistently with history and provide a realistic representation of extreme events such as those that occurred in the 2008 financial crisis. GEMS® Scenario Master is used for applications such as Solvency II, economic capital modeling, market consistent embedded value calculations, stochastic liability and capital valuation, and product design.
"We chose Conning because we wanted a comprehensive solution that was proven from both a technology and service level perspective," noted Eric Thorlacius, Head of Market Risk at Catlin Group. "We were particularly attracted to the GEMS® system and service by the robustness of its models and parameterization, the standard of validation and the commitment to supporting us with Solvency II."
"Catlin Group is a recognized leader for their expertise in specialty property/casualty insurance and reinsurance, writing more than 30 lines of business," said Stephen Sonlin, CFA, Managing Director, Conning. "When evaluating risk management solutions, Catlin Group required the flexibility to balance a technical model with one that was cost effective. GEMS® offers both. We are pleased to have been selected by Catlin Group for their modeling needs."
About Conning
Conning (www.conning.com) is a leading asset manager for the insurance industry, with almost $77 billion in assets under management through its Hartford and Dublin investment centers as of June 30, 2011. For more than 25 years, Conning has built its asset management business to meet the investment and financial needs of insurers. The Company´s unique combination of asset management, risk and capital management solutions and insurance research helps clients achieve their financial goals through the implementation of customized business and investment strategies.
Founded in 1912, Conning is headquartered in Hartford, Connecticut, with additional offices in New York, London, Dublin, and Cologne. GEMS® is a registered trademark of Conning Services (Ireland) Limited.
About the Catlin Group
Catlin Group Limited, headquartered in Bermuda, is an international specialist property/casualty insurer and reinsurer writing more than 30 classes of business worldwide through six underwriting hubs. Gross premiums written in 2010 amounted to $4.1 billion. Catlin has established operating hubs in London, Bermuda, the United States, the Asia Pacific region, Europe and Canada. Catlin operates more than 50 offices in 20 countries. Catlin shares are traded on the London Stock Exchange (ticker symbol: CGL). More information about Catlin can be found at www.catlin.com.