KANSAS CITY, Mo., Oct. 12, 2016 /PRNewswire/ -- Lockton Companies, the world's largest privately held, independent insurance broker, today announced it is collaborating with leading catastrophe modeling firm AIR Worldwide, to introduce a new way to stress-test flood coverage and evaluate exposure to severe thunderstorm risk. Lockton will connect to AIR's software platform Touchstone® through the AIR Cloud, a secure, feature-rich environment that enables Lockton to conduct all of its analyses from anywhere, while minimizing capital expenditure.
"AIR's Touchstone risk management platform enables Lockton to conduct flood coverage analyses, in-depth retention scenarios, and enhanced catastrophe risk assessment," said Mike Andler, Lockton's Executive Vice President, US Property Leader. "The move to bring this catastrophe modeling solution in-house reflects a high demand for evaluating risk due to the increasing number of devastating catastrophic events, including inland floods, severe thunderstorms, hail, tornado, and lightning. The AIR models provide another data point to gauge multi-location exposure limit, especially for businesses which do not have coastal wind or earthquake exposure."
This collaboration enhances Lockton's overall suite of property modeling solutions, providing clients with insights about a wide range of perils beyond traditional earthquake and hurricane exposures, and reinforces a commitment to innovation and analytics to support clients' evolving needs.
"We're extremely pleased to collaborate with Lockton Companies to help them better serve their clients with the most state-of-the-art probabilistic loss models," said Rob Newbold, Executive Vice President, AIR Worldwide. "With Touchstone, Lockton is able to offer their clients and prospects a comprehensive risk assessment solution that will help them gain valuable insights into the unique catastrophe risk profiles of the insureds they serve."
More than 6,000 professionals at Lockton provide 50,000 clients around the world with risk management, insurance, employee benefits consulting, and retirement services that improve their businesses. From its founding in 1966 in Kansas City, Missouri, Lockton has attracted entrepreneurial professionals who have driven its growth to become the largest privately held, independent insurance broker in the world and 9th largest overall. For eight consecutive years, Business Insurance magazine has recognized Lockton as a "Best Place to Work in Insurance." To see the latest insights from Lockton's experts, check Lockton Market Update.
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SOURCE Lockton Companies