Silicon Valley-based risk modeling firm RMS has been named as the Latin America Risk Modeler of the Year by leading insurance industry publication Reactions. The company credited the recognition to the market’s positive response to its extended efforts to reach Latin American and Caribbean nations, most notably through the opening of an RMS office in Miami earlier this year and the rollout of new models.
The honor was handed out in early May at the publication’s fifth annual Latin America Insurance and Reinsurance Awards, which seek to highlight the best of the risk management and risk transfer solutions that the global industry is providing in the region.
“As a region, Latin America continues to draw the attention of the global (re)insurance industry and competition is increasingly intense,” said Christopher Munro, managing editor at Reactions. “The service provider sector is no different, but in the end, it was clear our judges felt that RMS was the standout performer.”
In February, regulators in the country approved RMS’ Colombian earthquake model, allowing insurance companies operating in the high-risk nation to begin using it while determining their probable maximum loss and average annual loss as well as in managing their capital reserves, according to RMS.
“The award is a testament to the market’s appetite for our risk models, analytics, and insight,” said Victor Roldán, regional head for Latin America at RMS. “Our commitment to the region has never been stronger. In the past year, we delivered a wealth of new risk modeling capability and insight to help our clients protect and expand their business, including the latest RMS Mexico earthquake model and the RMS North Atlantic hurricane models released in April.”
Roldán added that the company is also planning to release a new model for Mexico’s Pacific coast hurricane risk in 2018 and further push for wider adoption of its “Risk Modeler” solution within the region.
Photo credit: RMS