The package includes Risk Explorer(tm), the dynamic financial analysis software used by many of the prominent insurers, reinsurers, brokers and insurance regulators in different parts of the world as a risk modeling and strategic decision-making tool; Res-Solver(tm), the stochastic loss reserving software; and URS Real World(tm), a global economic scenario generator that simulates the behavior of macro economic indicators in various economies.
"We're especially pleased that after an exhaustive study and comparative analysis, Taiping Re determined that Risk Explorer(tm), Res-Solver(tm) and URS Real World(tm) best meet their modeling needs," said Alex Bushel, Founder and CEO of URS.
"We are strongly committed to the Asian region and will provide continuing active support together with our business partner, Talent & Pro Limited, to Taiping Re from our respective Hong Kong offices," Piesse stated.
Patrick Ho, Managing Director of Talent & Pro, Hong Kong, said, "We are delighted to be the project manager, as well as fulfilling an analytical support role for Taiping Re over the coming three years."
Taiping Re is a subsidiary of China Taiping Group and is the largest professional reinsurance company incorporated in Hong Kong where it has operated for 31 years. It is also a major provider of reinsurance in China from its office in Beijing, and throughout Southeast Asia from its Labuan (Malaysia) office. Taiping Re is rated A-Excellent by A.M. Best; A-Strong by Standard & Poor's; and A Strong by Fitch.
Ultimate Risk Solutions, LLC is an independent financial risk software developer with offices in New York, London, Zurich, Madrid, Hong Kong, Bangkok and Singapore. Founded in 2001, URS has grown into one of the largest providers of dynamic financial analysis risk models to insurers and reinsurers worldwide, as well as regulatory authorities.
Talent & Pro Hong Kong Limited is an insurance consultancy and insourcing company with its roots in the Netherlands and offices in United Kingdom, Shanghai and Hong Kong.