Algorithmics wins Best Solvency II Technology Provider Award

Toronto, London - 6 October 2010

Algorithmics, the world's leading provider of risk solutions, is proud to announce that it has won the award for Best Technology Provider for Solvency II in the 2010 Life & Pension Risk Awards, announced at a ceremony in London last night.

Algorithmics’ insurance clients include more than half of the members of the prestigious CRO Forum. The firm is currently working with eight of the ten largest life insurers in Europe on their economic capital and Solvency II solution projects, pioneering innovative risk techniques for the calculation of Solvency Capital Requirements.

Dr Andrew Aziz, Executive Vice President, Buy-Side Solutions, Algorithmics, commented: “We are honored to win the Best Solvency II Technology Provider Award for our Economic Capital and Solvency II solution. This recognition means a great deal to us as we have worked hard to establish Algorithmics as the dominant Solvency II solution in the insurance market. Together with leading insurers, both in Europe and elsewhere, we have developed a solution that not only meets the regulatory requirements of Solvency II, but provides senior management with timely, enterprise-wide risk and economic capital information that aids their risk-aware business decision making.”

Algorithmics’ Economic Capital and Solvency II 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 consistent with Solvency II standards. This enables decision-makers to recognize swiftly the full spectrum of a firm’s material risks, to optimize their capital and to readily incorporate risk management in their planning to meet current challenges and support future growth.

Life & Pension Risk reported: “Diversifying into the insurance and pension fund sectors has proved a positive step for risk management technology provider Algorithmics, whose Economic Capital and Solvency II solution, incorporating Algo Risk, has managed to achieve a dominant position in the European insurance sector.”

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