PRO BTP chooses Algorithmics to meet Solvency II requirements

23-Mar-2011 | News-Press Release

PRO BTP has chosen Algorithmics' Economic Capital and Solvency II solution to monitor risk across its portfolio of assets and liabilities using portfolio replication. Algorithmics' solution will allow PRO BTP to derive a highly accurate and granular assessment of its market risk and actively manage the diversification effects within its asset portfolio. Véronique Leroux, Deputy CEO, Finance and Administration, PRO BTP, said: "A fundamental principle of Solvency II is the ability of an institution to use risk measures in management decision-making. Algorithmics' Economic Capital and Solvency II solution is the perfect solution because it combines the most advanced financial risk analytics with powerful decision support and simulation capabilities - all in an extremely user-friendly tool. "For us, it was also very important to select proven software to secure the project risk and control cost. Algorithmics' track record from working with some of the largest insurance companies in Europe and its knowledge of Solvency II best practices made it the obvious choice to help us meet our objectives." Dr Andrew Aziz, Executive Vice President of Risk Solutions, Algorithmics, added: "Building on the success that Algorithmics' solutions have had with the largest insurance companies in Europe over the last few years, we are very excited to count PRO BTP as a client. We see this as further proof that Algorithmics can meet the requirements of the broader insurance market by using the Solvency II experience we have gained from working with larger insurers. Algorithmics' solution provides complete portfolio replication and curve fitting capabilities as well as economic scenario generation, high performance simulation, portfolio optimization and risk reporting. Our award-winning Economic Capital and Solvency II solution will help PRO BTP to combine its asset and liability management within a single, 'fair value' consistent framework, giving PRO BTP an enterprise view of its risk as well as providing a powerful decision support tool to meet Solvency II requirements." For more information about Algorithmics' award winning Economic Capital and Solvency II solutions, visit: http://www.algorithmics.com/EN/solutions/myindustry/insurance.cfm ENDS For further information please contact: Heather Smith, Senior Communications Manager, Algorithmics (UK) Ltd Direct line +44 (0) 20 7392 5820 Mobile+44 (0) 7515 974223 E-mail Heather.smith@algorithmics.com Notes to Editors: PRO BTP offers auto, home and life insurance, health services, leisure and social activities, and product savings for its 3,710,000 members in the building and civil engineering industry. It employs 4,700 people and generates annual revenue of €4.7 million in retirement services, €1.5 million in health services and €240 million in insurance and financial products. It is a non-profit organization controlled by AGIRC/ARRCO (a French organization of employers) and employees. Algorithmics is the world's leading provider of risk solutions. Financial organizations from around the world use Algorithmics' software, analytics and advisory services to help them make risk-aware business decisions, maximize shareholder value, and meet regulatory requirements. Supported by a global team of risk experts based in all major financial centers, Algorithmics offers proven, award-winning solutions for market, credit and operational risk, as well as collateral and capital management. Algorithmics is a member of the Fitch Group. www.algorithmics.com Economic Capital and Solvency II solution offers insurance firms a solution that is defined by both its sophistication and its streamlined ease of use. Its risk measurement, management and reporting processes are automated, enabling the rapid generation of detailed risk and compliance reports at both individual and aggregate levels, and providing an overall view of capital consistent for both standard formula and internal model approach under Solvency II. It helps decision-makers to swiftly recognize the full spectrum of a firm's material risks, performs capital aggregation and attribution, and enables them to incorporate risk management into their planning to support future growth. Fitch Group is the parent company of Fitch Ratings, a global ratings agency committed to providing the world's markets with independent, timely and prospective credit opinions. With 49 offices worldwide, Fitch Ratings' global expertise spans across capital markets in over 150 countries. Fitch Ratings is headquartered in New York and London. The Fitch Group also includes Fitch Solutions, a distribution channel for Fitch Ratings products and a provider of data, analytics and related services; and Algorithmics, the world's leading provider of enterprise risk solutions. The Fitch Group is a majority-owned subsidiary of Fimalac, S.A., headquartered in Paris, France. For additional information, please visit http://www.fitchratings.com/ www.algorithmics.com and www.fimalac.com © 2011 Algorithmics Software LLC. All rights reserved. ALGORITHMICS, Ai Logo, ALGORITHMICS & Ai Logo, ALGO, MARK-TO-FUTURE, RISKWATCH, KNOW YOUR RISK, ALGO RISK, ALGO MARKET, ALGO CREDIT, ALGO COLLATERAL, ALGO FIRST, ALGO ONE, ALGO FOUNDATION, ALGO FINANCIAL MODELER, ALGO OPVAR and TH!NK Logo are trademarks of Algorithmics Trademarks LLC.

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