Benfield Licenses EQECAT’S U.S. Offshore Energy Model

October 17, 2007

EQECAT, Inc. announced that reinsurance and risk intermediary Benfield has signed an agreement to license its Gulf of Mexico U.S. Offshore Energy Model to assist clients in quantifying and managing risk in that market. “The Offshore Energy Model is part of EQECAT’s WORLDCATenterpriseTM catastrophe management software platform,” the bulletin noted. No financial terms were disclosed.

John Moore, Head of International ReMetrics at Benfield commented: “Benfield is pleased to license the EQECAT Offshore Energy Model, as we assist clients to better understand their exposure to hurricanes in the Gulf.”

EQECAT President Richard Clinton described the model as highly specialized, indicating that it provides “reliability analysis to quantify the potential risk and impact of pipeline damage due to currents and mudslides that accompany hurricanes in the Gulf of Mexico,” and ahs been employed to analyze “support for the only offshore energy catastrophe bond issued.”

He also noted that the model “is able to differentiate risk for the various platform types based upon age, location, configuration and air gap, among other characteristics that are the risk drivers. The model was validated with recent damage and loss data from more than 50 operators.

Source: EQECAT – www.eqecat.com

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