AIR Worldwide Corp. in Boston announced today that hedge fund manager Fermat Capital Management, LLC, has licensed its risk models to use in managing its catastrophe bond portfolio.

Fermat, a Westport, Conn., investment management company specializing in insurance-linked securities, will be using AIR's catastrophe risk model CATRADER and its ALERT online real-time loss estimation service, the modeling firm said.

Pricing is loosely based on proposed use of product, AIR said, but would give no other information concerning financial terms.

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