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Algorithmics partners with Barrie & Hibbert for Solvency II solution


Algorithmics and Barrie & Hibbert, vendors in enterprise risk management and economic scenarios, have formed a partnership to provide a solution to insurance companies for measuring, m

Algorithmics and Barrie & Hibbert, vendors in enterprise risk management and economic scenarios, have formed a partnership to provide a solution to insurance companies for measuring, managing and reporting on economic capital management under Solvency II regulations.
The solution aims to benefit insurance companies of all sizes that wish to take a robust approach to the calculation and management of economic capital, their market consistent financials and the associated risk exposures within an enterprise risk management and scenario framework spanning both assets and liabilities.
The companies say the solution provides for improved precision, increased frequency and greater diligence. It includes financial modeling, risk aggregation, standardized replicating portfolios for all major markets, market data and updated economic scenarios.
Dr Andrew Aziz, executive vice president of risk solutions at Algorithmics, says: ‘This strategic partnership formalizes our strong working relationship with Barrie & Hibbert developed during projects for major European insurance companies. Together, we provide a market leading service which will accelerate the industry’s ability to meet the internal models approach under Solvency II and, importantly, allow individual clients to leverage their mandatory investment in compliance, to the benefit of the daily management of capital in their business.’
Andrew Barrie, executive director and founder, Barrie & Hibbert, adds: ‘Many insurers already have strong processes, using our scenario generation models, for economic and regulatory capital valuation. The challenge for Solvency II in general, and the use of internal models in particular, is extending these processes, filling the gaps, creating greater transparency, providing full audit trails, and facilitating ‘real time’ risk management. Working with Algorithmics will mean that insurers will get a market leading solution to the challenges of building their ERM frameworks.’
The solution is the first product of the partnership and subsequent plans for the evolution of products will address the specific requirements of the wealth management and pension sectors.

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