CatRisk Solutions Bring Expanded Earthquake Model To ModEx: Chedid Re Sign As First Joint Client

Press Release - 29.08.2018

Simplitium®, a global financial services technology provider, have signed an agreement with Chedid Re to use CatRisk Solution’s Middle East and Africa Earthquake Model on ModEx.

ModEx is the multi-peril catastrophe risk modelling platform operated on the Oasis Loss Modelling Framework (LMF). ModEx will provide Chedid Re with streamlined access to CatRisk’s model via the web-based ModEx user interface. The service is hosted and fully managed, removing the need for any client-side installation.

Simplitium formalised a model provision agreement with CatRisk for their Middle East and Africa Earthquake Model last week. The expanded model covers Algeria, Burundi, Egypt, Kenya, Libya, Namibia, Morocco, Rwanda, South Africa, Tanzania, Tunisia, and Uganda in Africa, and Bahrain, Iran, Iraq, Jordan, Kuwait, Lebanon, Oman, Pakistan, Qatar, Saudi Arabia, Syria, United Arab Emirates and Yemen in the Middle East.

Alain Bouzaid, Executive Director at Chedid Re, comments:
“ModEx enables us to access CatRisk’s Middle East and Africa Earthquake Model and the wider Oasis ecosystem without the resource requirements traditionally associated with modelling. CatRisk’s model will provide us with a comprehensive view of our earthquake risk across the Middle East and Africa for the benefit of our partners.”

Mohammad R Zolfaghari, Director at CatRisk Solutions, adds:
“We have been working with Simplitium for over two years and are pleased to bring this expanded earthquake model to market via the ModEx platform. As the industry moves towards open-source frameworks and transparent technology, Simplitium is leading the way with their ModEx solution.”

James Lay, ModEx Commercial Director at Simplitium, comments:
“The Middle East and Africa are regions which have traditionally been underserved with regards to model availability. Signing our first customer in this area is indicative of the potential demand for models in these regions and reaffirms the value of providing access to a wider range models and vendors. We are delighted to be working with Chedid Re, a leading reinsurance broker in the MENA region, as part of ModEx’s ongoing mission to provide reinsurers with greater access to cat risk models globally.”

ModEx is the first independent catastrophe modelling solution, revolutionising the marketplace by bringing multiple vendors together on one independent platform. Simplitium’s has over a decade’s experience in delivering secure and reliable technology solutions.

“ModEx enables us to access CatRisk’s Middle East and Africa Earthquake Model and the wider Oasis ecosystem without the resource requirements traditionally associated with modelling. CatRisk’s model will provide us with a comprehensive view of our earthquake risk across the Middle East and Africa for the benefit of our partners.”
ALAIN BOUZAID, EXECUTIVE DIRECTOR, CHEDID RE

For further information, please contact:
Emmy Granstrom
Marketing Director
Simplitium
+44 (0)20 3735 4981
emmy.granstrom@simplitium.com



About ModEx®

ModEx is the first independent multi-vendor catastrophe risk modelling platform for the (re)insurance industry. Powered by the Oasis LMF, ModEx delivers a hosted and fully managed catastrophe risk modelling service that offers a new and cost-effective way for firms to meet their modelling requirements. The platform creates an ecosystem where model vendors make their models available to the industry via a single user interface, improving the quality and choice of models available in the market. For further information, please visit www.simplitium.com/modex.

About Simplitium®

By listening and responding to the market, Simplitium transforms complex challenges into flexible, scalable and secure solutions. Simplitium’s services help firms achieve greater efficiency and transparency in their daily operations, from regulatory compliance and cost management to catastrophe risk management. As a subsidiary of Cinnober, one of the world’s leading clearing and trading technology providers, Simplitium has the stability and structure to ensure secure and reliable delivery of world class services. For further information, please visit www.simplitium.com.

About Chedid Re

A company of Chedid Capital, Chedid Re, is listed among the top 20 reinsurance brokers in the world and the number one in the MENA region. Chedid Re is an official Lloyd’s agent with offices in Beirut, Casablanca, Dubai, Limassol, London and Riyadh. The company services around 400 clients in more than 45 countries. For further information, please visit www.chedidre.com.

About CatRisk® Solutions

CATRisk Solutions Limited is a scientific company, providing natural hazard and risk modelling software and consulting services to insurance companies, enterprises and governments. CATRisk has developed natural catastrophe risk models for various part of the world, currently being used by insurance industry, government officials and consulting companies. For further information, please visit www.catrisks.com.