AIR Worldwide founder Karen Clark will leave her post as chief executive officer to become vice chairman of the board, the company announced.

S. Ming Lee, currently the company's executive vice president, will succeed her as president and chief executive officer on April 15, AIR said.

“I've decided the time is right for me to rebalance my activities and pursue new challenges,” said Ms. Clark. In 1987, Ms. Clark became a pioneer in developing probabilistic catastrophe modeling techniques changing how insurers, reinsurers and financial institutions manage their catastrophe risk, her company said.

AIR noted that she was involved in development of technologies that enable companies to identify, quantify and plan for the financial consequences of catastrophic events.

Frank Coyne, chairman, president and chief executive officer of AIR's parent company Insurance Services Office in Jersey City, N.J., said Ms. Clark's contributions to the insurance industry “are significant and widely recognized.”

Ms. Clark said that when she started her career, catastrophe modeling as a recognized insurance discipline did not exist.

“Now, the next frontier lies in working more closely with decision-makers in the industry to foster a deeper understanding of the models and how to use them most effectively,” she noted.

Mr. Lee joined AIR in 1996 and has managed several departments over the past decade. He currently directs the operations of AIR's Consulting and Software Services Group, encompassing software product management and testing, technical support, and catastrophe loss analysis services.

Special Reports /

AIR Founder Clark Leaves CEO Slot

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