.jpg)
- Boat Oasis - the latest shared service specifically designed for the insurance industry
- Partnering with member owned not-for-profit company Oasis LMF
- Ten managing agents supporting the first offering of hurricane and earthquake models
Boat Services Ltd, a fully owned subsidiary of leading exchange and clearing technology supplier Cinnober, has signed an agreement with Lloyd’s of London and ten managing agents to provide access to catastrophe models via the Oasis Loss Modelling Framework under a shared service arrangement.
This innovative offering, Boat Oasis, represents a paradigm shift for catastrophe risk loss modelling business within the global insurance industry, while bringing the reputation for excellence, reliability and quality from Cinnober’s traditional market within financial services.
“Leaders in the catastrophe modelling field are realizing the value of deploying high quality models and utilizing this new, extensible and scalable platform. We’re delighted with our cooperation with Boat and Cinnober, while bringing a new range of cost effective transparent models to market,” says Dickie Whitaker, CEO of Oasis. “This has too long been a pain for the industry. This new flexible, cost-effective hybrid cloud solution is great news, not least for Oasis’ 43 owners from the industry.”
Scheduled for launch in December 2106, Boat Oasis initially hosts Applied Research Associates’ (ARA’s) “HurLoss” US hurricane model and CatRisk’s regional catastrophe Middle East Earthquake model with more models scheduled to follow.
There are ten managing agents supporting the shared service initiative sponsored by Lloyd’s and LMA, these are Ascot, Beazley, Barbican, Chubb, RenaissanceRe, Tokio Marine Kiln, SCOR (Channel), Starstone, Sompo Canopius and XL Catlin. Other managing agents may participate in future arrangements for catastrophe modelling on the Boat Oasis platform on a shared services basis.
“Traditionally, the benefits of risk modelling for underwriters has been offset by the significant spend required to access advanced models,” says Jamie Khurshid, CEO of Boat Services Ltd. “In conjunction with Oasis, we’re now able to offer a solution for the full suite of perils to allow large and niche model providers to meet the individual needs of customers through a robust and secure shared services platform.”
The Boat Oasis platform is accessible, scalable and designed to easily cater for additional models. This will be a one stop shop for risk models, providing the market with a clearer understanding of risk, especially in developing countries vulnerable to climate change.
“It’s in our DNA to be at the forefront of bringing innovative technology to solve industry challenges. Together with Oasis, we take pride in bringing this groundbreaking initiative for catastrophe risk loss modelling to market,” says Veronica Augustsson, CEO of Cinnober Financial Technology. “Boat Oasis is an exciting expansion of our business development and together with Oasis, Lloyd’s and the LMA we’re providing true market innovation to the world of risk models and the insurance industry.”
Boat Services Ltd is a fully owned subsidiary of Swedish fintech provider Cinnober Financial Technology AB. Cinnober is a world-leading independent supplier of financial technology to marketplaces and clearinghouses. Customers include major exchanges with extreme demands on reliability and performance, such as the Australian Securities Exchange, BM&FBOVESPA, Dubai Gold & Commodities Exchange, Euronext, Japan Exchange Group, Johannesburg Stock Exchange, the London Metal Exchange, LME Clear, NYSE and the Stock Exchange of Thailand.
