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News

Risk management suite for insurance company

Active Risk : 25 February, 2009  (Application Story)
Tokio Millennium Re of Bermuda takes Active Risk Manager from Strategic Thought for improving its risk management capabilities
Strategic Thought Group has announced that Bermuda based Tokio Millennium Re has selected Active Risk Manager (ARM) to manage and calculate risk in a total of five risk categories; underwriting, market, credit, strategic and operational.

Tokio Millennium Re was established in Bermuda in March 2000 by its parent company Tokio Marine & Nichido Fire Insurance which has offices in 51 cities in 31 countries. However, the group's natural catastrophe risk exposure business was centred on Japan. Tokio Millennium Re's mission is to act as a strategic risk diversifier for the Tokio Marine Nichido group, by writing high layer natural catastrophe risks outside of Japan.

Active Risk Manager is Strategic Thought Group's comprehensive, web-based risk and opportunity management software solution which includes a simulation function to calculate risks with distribution, one of the prime reasons for Tokio Millennium Re choosing Active Risk Manager over other products evaluated.

Edwin Jordan, Chief Risk Officer at Tokio Millennium Re said, "We looked at several Risk Management software products as our target is to achieve a Standard & Poors enterprise Risk Management scoring of 'excellent'. We chose Active Risk Manager as it is a complete solution and we believe it will add value to our organization through enhanced business performance as we create a new market for corporate insurance and reinsurance buyers around the world."

Martin Metcalf, Chief Executive Officer of Strategic Thought Group stated, "This contract illustrates the versatility of Active Risk Manager in its ability to underpin an organisation accepting risks with high volatility in worldwide insurance and reinsurance markets, in addition to its proven capabilities to support enterprise-wide Risk Management implementations in major global organisations. We welcome Tokio Millennium Re to the global ARM community of users and look forward to helping it achieve its target of the highest level enterprise Risk Management within the insurance and reinsurance industry."

Strategic Thought worked closely with one of the big four, international accountancy and professional services organisations as an implementation partner which set the enterprise risk framework that is enabled by Active Risk Manager in use at the Hamilton, Bermuda office of Tokio Millennium Re.

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