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Newark, Calif. – May 31, 2002 –
Risk Management Solutions (RMS), the world’s leading provider of
products and services for the management of natural hazard risks,
today announced that Swiss Re Financial Products Corporation (SRFP),
an affiliate of Swiss Reinsurance Company, and a leader in the
convergence of the insurance and capital markets, has licensed its
Climetrix® weather derivatives trading and risk management system.
SRFP’s weather derivatives trading operation in New York will use
Climetrix as a key component of its platform for pricing and
portfolio risk management. Mark Tawney, managing director of SRFP's
weather business, said, “Climetrix will be helpful for getting our
weather desk up and running as quickly as possible. Once we begin
trading, the system will be useful to us for valuing complex
transactions which are becoming more common in the market and for
accurately tracking our complete portfolio risk.”
Paul VanderMarck, managing director of RMS’ weather risk business,
commented, “With the current turmoil in the energy trading market
and the recent extremely warm winter, we are observing an increased
emphasis in the weather market on implementing more sophisticated
portfolio risk controls. In addition to its front-office pricing
tools, Climetrix provides advanced portfolio modeling and reporting
capabilities to ensure that risk managers have an accurate and
objective view of risk. We are very pleased that SRFP has elected to
rely on Climetrix as a core system in building their new weather
operation.”
Climetrix is an Internet-based application that provides integrated
access to all of the data, advanced pricing tools, and portfolio
management capabilities necessary for successful participation in
the weather market. The application can be accessed at
www.climetrix.com.
About RMS
Risk Management Solutions is the world’s
leading provider of products and services for catastrophe, weather,
and enterprise 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
website at
www.rms.com.
Climetrix, RMS,
and the RMS logo are trademarks of Risk Management Solutions, Inc.
All other trademarks are property of their respective owners.
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