The addition of ModEx strengthens and reaffirms Nasdaq’s commitment to innovative technology development beyond capital markets
STOCKHOLM, Sweden and IRVINE, Calif., June 12, 2019 (GLOBE NEWSWIRE) -- Nasdaq’s ModEx® (Nasdaq: NDAQ), the multi-vendor catastrophe modelling platform for the insurance industry, today announced that CoreLogic, a leading global property information, analytics and data-enabled solutions provider, has become the latest catastrophe risk model provider to make their models available via ModEx. The CoreLogic U.S. Earthquake Model will be the first of its models to be integrated on to the ModEx platform.
With over 30 years of experience in building earthquake catastrophe model solutions, the CoreLogic U.S. Earthquake Model is based on the latest scientific consensus of earthquake hazard, engineering, and building practices. Using a bottom-up, physics-based approach to model earthquake losses, the CoreLogic U.S. Earthquake Model offers a comprehensive analytical view to quantify the risk to a specific building or portfolio resulting in the allocation of appropriate pricing and capital reserves. CoreLogic offers over 180 cat risk models across 100+ territories, covering 90% of the world’s GDP.
“CoreLogic is dedicated to the understanding of natural hazard risk and is keenly focused on delivering decision-support property data and solutions to the insurance industry,” said William Forde, Senior Director, Insurance & Spatial Solutions, CoreLogic. “As the world grows increasingly risky with record-breaking losses year over year, the availability of precise, comprehensive data becomes ever more important. Joining the Nasdaq ModEx community is a perfect opportunity to extend access to our models for those who choose to consume results from OASIS rather than our own RQE® platform.”
“CoreLogic represents one of the largest catastrophe risk modelling providers in the world and signing this agreement is a significant milestone in the evolution of the ModEx platform,” said Matthew Jones, Head of Product, ModEx, Nasdaq. “We are proud to be able to offer their models to our clients through ModEx as we continue to deliver a broader choice of cat modelling services to the industry.”
Nasdaq’s ModEx provides a dynamic catastrophe modelling ecosystem for the (re)insurance industry, uniting multiple catastrophe models, hazard maps and data enhancement services through one platform. Powered by the Oasis LMF, ModEx delivers a hosted and fully managed catastrophe risk modelling service that offers a new and cost-effective way for firms to meet their modelling requirements.
”ModEx will play an important part in Nasdaq’s New Markets initiative, where we are focused on extending our core competencies in markets, technology, data and analytics to other industries, including insurance, an important growing segment,” said Paul McKeown, SVP and Head of Marketplace Operators and New Markets, Nasdaq. “We look forward to building and extending the ModEx business in the months ahead while collaborating with unique and innovative business partners such as CoreLogic.”
Nasdaq completed the acquisition of Simplitium ModEx in January 2019 as part of the Cinnober Technology AB transaction. Nasdaq’s market technology powers more than 250 of the world's market infrastructure organizations and market participants in over 50 countries, including customers in the insurance and (re)insurance sectors.
For further information, please contact:
Mobile: +46 (0)73 449 66 83
Desk: +46 (0)8 4056683
INK Communications for CoreLogic
Mobile: + 1 512-906-9103
Nasdaq (Nasdaq: NDAQ) is a leading global provider of trading, clearing, exchange technology, listing, information and public company services. Through its diverse portfolio of solutions, Nasdaq enables customers to plan, optimize and execute their business vision with confidence, using proven technologies that provide transparency and insight for navigating today's global capital markets. As the creator of the world's first electronic stock market, its technology powers more than 100 marketplaces in 50 countries. Nasdaq is home to over 4,000 total listings with a market value of approximately $14 trillion. To learn more, visit: https://business.nasdaq.com.
CoreLogic (NYSE: CLGX), the leading provider of property insights and solutions, promotes a healthy housing market and thriving communities. Through its enhanced property data solutions, services and technologies, CoreLogic enables real estate professionals, financial institutions, insurance carriers, government agencies and other housing market participants to help millions of people find, acquire and protect their homes. For more information, please visit www.corelogic.com
Source: Nasdaq, Inc.