As part of their plan for improving risk management and investment capabilities, Holland's leading non-life insurance company, Eureko, has agreed a deal to use Barrie & Hibbert's economic scenario generator (ESG) across its entire business.
In addition to using Barrie & Hibbert's economic models and scenarios in its real-world and market-consistent valuation work, Eureko also intends utilising it in the asset management side of its business.
Richard Plat, Senior Actuary, Group Risk Management, at Eureko commented, "Freeing up valuable internal resources was an obvious consideration, but it was of greater importance for us to source advanced modelling software capable of generating more reliable results than our previous processes could ever deliver. Over a period of several months, we thoroughly reviewed and tested the offerings of several prospective suppliers against our own risk management criteria. The robustness and flexibility of Barrie & Hibbert's offering simply shone through".
Alexis Bailly, Regional Manager at Barrie & Hibbert added: "Following an intensive trial phase, we are delighted that Eureko will be using our ESG in preparation for the implementation of Solvency II and to calculate 1 year economic capital and medium term risk measures."