PERILS, a Switzerland-based catastrophe insurance data provider, has purchased Catastrophe Indices & Quantification (CatIQ), a loss and exposure aggregation firm in Canada.
CatIQ, founded in 2014, gathers data from the majority of the Canadian insurance market. It offers an industry exposure and loss database for the market.
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Re/insurers, ILS funds, intermediaries and modellers are the main users of CatIQ’s data for market benchmarking, catastrophe risk model validation, among others.
Additionally, CatIQ collaborates with The Insurance Bureau of Canada (IBC) and The Institute for Catastrophic Loss Reduction (ICLR).
Upon completion of the transaction, CatIQ will continue to be managed by its founder and CEO Joel Baker while managing director Laura Twidle will continue to lead CatIQ team.
Moreover, the firm will maintain its eleven-member advisory board, which includes senior representatives from six major Canadian primary writers and reinsurers on a rotation basis, along with permanent representatives from Guy Carpenter, IBC, Aon, ICLR and Canada’s federal agency Environment and Climate Change Canada.
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By GlobalDataPERILS CEO Luzi Hitz said: “Acquiring CatIQ is in line with our mission to increase data availability and strengthens our ability to provide state-of-the-art Cat intelligence and industry loss triggers, helping boost the efficiency of re/insurers, modellers and others as well as the specialised risk transfer market.”
Baker said: “In 2017, we entered into a strategic alliance with PERILS. That close collaboration was central to our ability to launch the FSA (CRESTA) level industry exposure database for Canada in 2018.
“The announcement means that we can build upon this partnership to deliver CatIQ’s analytical platform and loss indices to the wider risk transfer market and offer additional innovative solutions to the Canadian and global markets. This is truly a win-win-win situation for all parties involved – CatIQ, PERILS and most importantly our clients.”
