Barrie & Hibbert Continue European Success by signing Norwegian KLP to its Economic Scenario Generator (ESG)
Last updated 9th June 2010 - KLP, one of Norway’s largest life insurance companies, has agreed a deal with Barrie & Hibbert to use its Economic Scenario Generator (ESG). Forming part of KLP’s capital modelling, the ESG will help the company meet its compliance obligations under Solvency II regulations. Additionally, Barrie & Hibbert’s scenario sets will also be utilised across the company’s substantial non-life business.
Barrie & Hibbert Continue European Success by signing Norwegian KLP to its Economic Scenario Generator (ESG) KLP, one of Norway’s largest life insurance companies, has agreed a deal with Barrie & Hibbert to use its economic scenario generator (ESG). Forming part of KLP’s capital modelling, the ESG will help the company meet its compliance obligations under Solvency II regulations. Additionally, Barrie & Hibbert’s scenario sets will also be utilised across the company’s substantial non-life business.
Account manager for Barrie & Hibbert Viktor Knava said: ”It’s great to be working with such an important player in the Norwegian insurance market. It’s a tremendous endorsement of the sophistication and ease of use of our models that, after many months of rigorous testing by KLP, the company decided to replace an existing provider with Barrie & Hibbert’s services.”
Erlend Ringstad, Head of Risk Modelling for KLP comments: “What impressed us about Barrie & Hibbert was the level and quality of support they provided right through the evaluation periods. This clearly demonstrated the company’s commitment to the Norwegian market. We were also looking for a robust methodology for approaching the issues of Solvency II compliance and I believe that the superior technical sophistication of Barrie & Hibbert’s models will provide us with a considerable advantage in this respect.”