Digital Network

ATMonitor Venommedia Cooconnect
Home > News > Accounting

RFP News

Aon Benfield Announces Its New Solvency II-focused v.5 of ReMetrica
Published on Nov 29, 2010

Aon Benfield, the reinsurance intermediary and capital advisor, launches its new Solvency II-focused version 5 of ReMetrica, its dynamic financial analysis tool for capital modeling. ReMetrica has evolved to help re/insurers meet the proposed regulatory requirements under Solvency II and to enable more effective year of account reporting for the Lloyd’s market.

The new Solvency II-focused components enable re/insurers to enhance their internal models and deliver accounting reports for regulators. They include:

-Fair Value Report: A financial reporting component tailored to ‘fair value accounting’, including fully discounted balance sheets, premium provisions and market value margins;
-Premium Provisions: Generates the additional reserve items relating to unearned business and non-incepted obligations which are required for fair value accounting;
-Reserving: An enhanced version of the reserving logic which uses a recognition pattern approach to allow balance-sheet to balance-sheet risk to be captured in a model calibrated on an ultimate-risk basis.

Aon Benfield worked with a group of insurers, predominantly from Lloyd’s, to shape enhanced functions for underwriting year reporting to meet the market’s requirements. This will allow users to simplify existing models without reducing accuracy. Enhancements allow smaller, more compact models to improve ease of use and deliver the following:

Calculation of reserves by underwriting year;
Allocation of reinsurance premiums and commissions by underwriting year;
Underwriting year reporting components.

In addition, a new reporting component for capturing counterparty-level reinsurance default risk has been developed, as well as improved tools and interfaces including Wizard-style reporting.

Paul Maitland, head of ReMetrica at Aon Benfield Analytics, said: “Solvency II has been a key trigger in the next step of ReMetrica’s evolution. We’ve listened to and worked with both our clients and the regulators to adapt and enhance the software. It helps re/insurers to meet the proposed regulatory requirements while continuing to test different strategies and make informed business decisions.”**

Vendor name: Aon Benfield
Product type: Accounting | Insurance | Reporting

0 comments Post Comment plus

On our website you can find 6000 products from 3157 companies
Announce your products/ services on! Listing Costs $250 per/year Get listed today!

Featured Vendor

PriceMetrix Inc.

Logo PriceMetrix is a software firm that helps retail wealth management firms and their advisors optimize selling efforts, manage clients, identify growth opportunit ...

Version Control

FRSGlobal − Front Runner in Risk Mgmt and Regulatory Reporting


Steve Husk, CEO of FRSGlobal, discusses the factors financial institutions are faced with in order to equip themselves against the current regulatory environment.

View ISSUE >>
Research Paper

Sponsored Vendors

Don't miss out!

We're constantly updating with the latest news and research from hundreds of leading technology vendors.

Sign Up to our e-mail alert service to stay up to date.