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Newark, Calif. – June 20, 2005 – Risk
Management Solutions (RMS), the world’s leading provider of products
and services for the management of catastrophe risk, announced today
that the Climetrix® weather derivative pricing and portfolio
management system passed a significant milestone of one million
licensed analyses last week.
Since the debut of Climetrix version 1.0 in July 2000, the weather
derivatives market has seen significant changes. The market is now
more dynamic than ever in terms of traded structures and market
participants, as numerous hedge funds and financial institutions
have set up desks to trade weather derivatives. Climetrix, now on
version 4.3, has evolved along with the changing market, and has
played a significant role in helping the market grow.
“Over the past five years RMS has seen the weather market undergo
rapid growth, take steps backwards, and begin to grow again,” said
Jeff Hamlin, manager of client services at RMS.
“RMS has continually adapted Climetrix to the needs of participants
in the market, through working with established weather desks that
have been trading weather for over five years, as well as new desks
that have just started trading. We would like to thank our many
clients in the U.S., Europe, and Japan for their ongoing support of
the Climetrix system and their role in achieving this milestone of 1
million licensed analyses.”
While companies that are established in the weather market use
Climetrix every day to help them understand and manage their
portfolios of weather trades, one of the more important roles
Climetrix plays in the market is in helping companies get started
trading weather. In the last six months, four companies that were
new to the weather market licensed Climetrix to help start their
trading desks.
Jeff Bortniker, a weather market veteran and managing partner at
start-up hedge fund Pyrenees Capital Management said, “Before we
could start trading weather, our investors required that we have
access to an independent, third-party application that could be used
for performing regular valuation and risk analysis of our portfolio
of weather trades. Since Climetrix is the market standard for these
types of services in the weather market, licensing Climetrix
provided our investors with the level of comfort they needed for us
to begin trading.”
Climetrix provides integrated access to all of the data, pricing
tools, and portfolio management capabilities that are needed to
participate successfully in the weather derivatives market. More
information about Climetrix can be accessed at:
http://www.climetrix.com/
About RMS
Risk Management Solutions is the world’s leading provider of
products and services for catastrophe risk management. More than 400
leading insurers, reinsurers, trading companies, and other financial
institutions rely on RMS models to quantify, manage, and transfer
risk. Founded at Stanford University in 1988, RMS serves clients
today from offices in the U.S., Europe, and Japan. For more
information, visit our web site at
www.rms.com.
Climetrix and RMS are registered trademarks,
and the RMS logo is a trademark of Risk Management Solutions, Inc.
All other trademarks are property of their respective owners.
Editorial Contacts
Mark Prindle
TorranceCo, New York
1-212-786-6132
mprindle@torranceco.com
Sarah Smith
Risk Management Solutions, London
+44 (0)20 7444 7723
sarah.smith@rms.com
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