Algorithmics signs RenaissanceRe
11 December 2007 | 1352 views | 0
Algorithmics announced today that RenaissanceRe Holdings Ltd. has selected Algo Risk Service, a web-based portfolio construction and risk management service, to advance its risk culture.
RenaissanceRe Holdings Ltd. is based in Bermuda and is one of the world's largest reinsurers of natural and man-made catastrophes.
Sean Brosnan of RenaissanceRe said, "We have chosen the Algo Risk Service as a complete risk management solution for our investment portfolio covering all asset categories, including derivative instruments, with the goal of understanding the risk profile of our financial assets with the same sophistication we attempt to achieve in understanding our catastrophe liabilities.
"I believe the web-hosted environment will provide us with the flexibility we need to analyze and stress test our specific scenarios as well as meet our reporting requirements."
The Algo Risk Service incorporates thousands of scenarios giving investment managers and risk managers the ability to test and measure portfolios against a bespoke set of risks. Analysis can be performed and aggregated across any criteria the client chooses, such as asset type, credit rating, issuer or industry sector. The service offers a complete portfolio construction and risk oversight solution, without the costs of a complex implementation or infrastructure.
Andrew Aziz, Algorithmics' Executive Vice President of risk solutions said, 'I am very pleased that RenaissanceRe has chosen the Algo Risk Service - they are a very welcome addition to our growing Managed Services client base and an important step in advancing the solution within the property and casualty insurance sector.
"We look forward to working with RenaissanceRe to apply risk management solutions to improve the way they align their assets and liabilities."