Source: Risk Management Solutions
Risk Management Solutions (RMS) today announced that it will open an office in Hamilton, Bermuda, making it the only catastrophe modeling firm with a local office in this major insurance and reinsurance center.
The announcement was made at an RMS market seminar in Bermuda that focused on recent technical developments in catastrophe modeling relevant to the insurance and reinsurance industry.
During the past 12 years, Bermuda has grown rapidly as a business center and market for catastrophe risk transfer and reinsurance. New capital entering the insurance and reinsurance sectors has favored the island for its well- regulated business climate and growing technical expertise in catastrophe risk management and underwriting. RMS involvement with Bermuda's reinsurance industry dates back to 1993 when it first licensed its catastrophe modeling products to reinsurers on the island specializing in property catastrophe risk. Today, companies representing over 95 percent of Bermuda's catastrophe reinsurance capacity utilize RMS models.
"This announcement underscores RMS' long-term commitment to the Bermuda market," said Bill Keogh, managing director of the Americas region for RMS. "RMS has the most extensive client service network of any catastrophe modeling firm, and this investment expands that network to enable a new level of client service and local market support for our Bermuda Market clients."
Ms. Chernell Campbell will lead client service activities for RMS in Bermuda. She joins RMS from XL Re where she was a catastrophe reinsurance analyst. Prior to XL, Ms. Campbell worked in the underwriting department at Commercial Risk Reinsurance and in the actuarial department at ACE/ Tempest Re.
In making the announcement, Mr. Keogh added that RMS' commitment to the Bermuda market will include expanded programs for training and education, designed to increase opportunities for Bermudians interested in pursuing careers in the field of catastrophe risk management.
The new RMS office is located in the Columbia House at 32 Reid Street, Hamilton, and will officially open for business in mid to late September.