Risk Management Solutions, a catastrophe modeling firm based in Newark, Calif., has announced plans to open an office in Hamilton, Bermuda.
A company spokesman said the new office will open in mid-to-late September.
The company explained that the office is being opened because Bermuda has "grown rapidly" in the 12 years that RMS has done business there 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, said Bill Keogh, managing director of the Americas region for RMS.
Chernell Campbell will lead client service activities for RMS in Bermuda. She joins RMS from XL Re where she was a catastrophe reinsurance analyst, Mr. Keogh said.
RMS said it has been involved with Bermuda's reinsurance industry since 1993 when it first licensed its catastrophe modeling products to reinsurers on the island specializing in property catastrophe risk, the company said. RMS controls more than 95 percent of the market for companies using catastrophe models and other products in pricing reinsurance, the company said.
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