Algorithmics signs Aspen Insurance 15 December 2010Toronto Reporter: Justin Lawson
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Algorithmics, has announced that Aspen Insurance UK Ltd has signed a subscription agreement for access to the Algo FIRST database of case studies, covering more than 9,600 operational risk events.
After evaluating content sources and databases available in the market, Aspen, a global provider of insurance and reinsurance, selected Algo FIRST. Aspen will use knowledge gained from Algo FIRST's loss and risk content to inform its financial institution’s underwriting and operational risk management.
Rupert Villers, Chief Executive Officer at Aspen Insurance, commented: “Algo FIRST is a valuable source of intelligence on a financial institution’s exposure to losses. We will use the database to develop our underwriting expertise further, which we believe will be beneficial to our insureds and brokers.”
Julian Cusack, Group Chief Risk Officer at Aspen Insurance also commented on the FIRST subscription decision: “We decided to subscribe to Algo FIRST to expand our knowledge and understanding of particular categories of operational risk. We will incorporate the database in our management of operational risk across the Group."
Laura Polak, Director and head of business and product development operations for operational risk content at Algorithmics, added: "I am delighted to welcome Aspen to our community of Algo FIRST users. I believe that Algo FIRST, with its broad coverage across risk categories, will provide Aspen with the content it needs to be able to make informed underwriting decisions as well as broaden their own internal operational risk program through scenario analysis, risk identification and awareness, and change management initiatives."
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