Boat gains momentum with catastrophe risk modelling platform

Boat Oasis, a Multi-Peril Catastrophe (Cat) Risk Modelling Platform for the (re)insurance industry, brought to market by Boat Services in January 2017 has added new risk models, increasing customer attraction.

 In Q3, Boat formalized agreements with cat risk model provider COMBUS and portfolio analytics tool TigerEye, to integrate on the Boat Oasis platform, with more integrations to follow in Q4. COMBUS’s Australian Bushfire, Severe Convective Storm, Low Pressure System, Tropical Cyclone and Earthquake models are the first models on the platform to cover the Australian continent and are now offered to the (re)insurance community. TigerEye, the pricing and portfolio management provider, has also been added to help clients maximize performance and enrich portfolios, and is the first external analytics platform to integrate with Boat Oasis.

These additions complement the models already available on the platform, including Applied Research Associates’ (ARA) US hurricane model and CatRisk Solutions’ Middle East Earthquake model. Boat’s insurance offering enables efficient access to advanced risk models and has 10 clients using a combination of models to date. 

In order to help the reinsurance community access these models, Boat have leveraged the technology experience of parent company Cinnober to develop a new model execution front-end and evaluation platform for firms to trial risk models prior to purchase.

“Boat Oasis is revolutionizing the cat risk modelling marketplace and brings something completely new to the (re)insurance industry” says Jamie Khurshid, CEO of Boat Services Ltd, the fully owned subsidiary of Cinnober. “There is a huge demand from cat risk model providers to integrate with Boat Oasis which supports us on our mission to create a unified cat risk modelling platform. This demand will bolster our sales efforts and we are looking to double our client base of within the next six months.”

Working with model providers from all over the world, Boat Oasis delivers an independent and transparent cat modelling service that encourages model development and provides the (re)insurance industry with a reliable way to meet their cat risk modelling requirements. Ensuring there is enough computing capacity available to model different risk scenarios and to cope with large data fluctuations has traditionally been challenging for (re)insurers, requiring large IT resource. Boat Oasis solves this problem by delivering an agile shared service offering that is fully managed and securely hosted. The platform goes beyond technology to create an ecosystem that is scalable and achieves productivity gains and cost-efficiencies for clients.

“This is a great example of how Cinnober group brings new and innovative technology to solve industry challenges,” comments Veronica Augustsson, CEO of Cinnober. “The current events in Texas reminds us of how important cat risk modelling is in how we develop and improve infrastructure and prevent catastrophic events from becoming financial disasters. Greater access to new and advanced cat risk models is needed and will, in the long run, improve our communities.”

Cinnober has since its inception been focused on exchange and clearing technology, developed for leading exchanges and clearinghouses globally. The company is to broaden its target group by the establishment of subsidiaries with adapted and highly competitive technology offerings. Today, three such subsidiaries are established.

Boat Services, whose services traditionally focus on trade reporting, were approached by Oasis to deliver a cat modelling service for the insurance industry that operates on the Oasis Loss Modelling Framework. Having operated with 100% uptime and zero incidents since 2007, Boat was the natural choice to deliver this innovative offering to market. This initiative is now known as Boat Oasis.   

For further information or discussion, please contact:
Fredrik Backlund
Head of Corporate Communications
Cinnober Financial Technology
Tel. +46-73 403 12 39
fredrik.backlund@cinnober.com

About Cinnober Financial Technology
Cinnober provides solutions and services to leading trading and clearing venues, including exchanges, clearinghouses, banks and brokers. Cinnober’s solutions are largely based on the TRADExpress™ Platform, incorporating everything needed for mission-critical solutions in terms of performance, robustness and flexibility. The portfolio of offerings includes price discovery and matching, real-time risk management, clearing and settlement, index calculation, data distribution and surveillance. Cinnober’s customers include Australian Securities Exchange, B3 (former BM&FBOVESPA), Dubai Gold & Commodities Exchange, Euronext, Japan Exchange Group, Johannesburg Stock Exchange, the London Metal Exchange, LME Clear, NYSE and the Stock Exchange of Thailand. For additional information, please visit www.cinnober.com

About Boat Services
Boat Services Ltd was founded in 2007 in response to the regulatory pressures introduced when MiFID was implemented. Boat offered MTFs, SIs and investment firms an easy and cost-efficient way to comply with the new transparency obligations. Ever since, Boat has operated with exceptional uptime, and is the trade data monitor (TDM) with the most comprehensive offering of reportable instruments, including more than 10,000 stocks and ETFs across Europe, the Swiss and Russian markets.

After acquisition by Cinnober in 2014, Boat Services Ltd expanded its product offerings to include TRADEcho and LBMA-i for finance and Boat Oasis for insurance. For further information, please visit www.theboatplatform.com

About Boat Oasis
Launched in January 2017, Boat Oasis delivers a flexible, scalable and secure catastrophe modelling shared service via a hosted and fully managed environment. Boat Oasis provides (re)insurance companies with the platform to gain a deeper understanding of their risk by accessing the best models from a range of cat risk modelling providers globally. 

This innovative offering represents a paradigm shift for catastrophe risk loss modelling within the global insurance industry, while bringing the reputation for excellence, reliability and quality from Cinnober’s traditional market within financial services.

About Oasis
Oasis is a global not-for-profit company limited by guarantee and owned by approximately 40 members who come from within the insurance and reinsurance community. Its mission is to create and foster links throughout the wide community of those interested in modelling catastrophic risk across business, academia, and government. For further information, please visit http://www.oasislmf.org /

About Us

Cinnober Financial Technology is an independent, world-leading supplier of financial technology. Founded in Sweden in 1998, the company has offices in Stockholm, Umeå and London. Cinnober provides solutions and services to leading trading and clearing venues, including exchanges, clearinghouses, banks and brokers. Cinnober’s solutions are largely based on the TRADExpress™ Platform, incorporating everything needed for mission-critical solutions in terms of performance, robustness and flexibility. The portfolio of offerings includes price discovery and matching, real-time risk management, clearing and settlement, index calculation, data distribution and market surveillance. Cinnober’s customers include the Asia Pacific Exchange, Australian Securities Exchange, B3, Dubai Gold & Commodities Exchange, Euronext, Japan Exchange Group, Johannesburg Stock Exchange, the London Metal Exchange, LME Clear, NYSE and the Stock Exchange of Thailand. Cinnober’s shares are traded on the Nasdaq First North exchange and the company’s Certified Advisor is FNCA Sweden AB. For additional information, please visit www.cinnober.com.

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