Montpelier Reinsurance Ltd. announced the launch of the Montpelier Risk Institute (MRI) on Sunday, explaining that the virtual risk institute that will leverage the complementary capabilities of scientists and insurance specialists to target new methods for quantifying risk.

Montpelier Re, which is the Bermuda subsidiary of Montpelier Re Holdings Ltd., will be partnering witl the University of Western Ontario (UWO), the affiliated Institute for Catastrophic Research (ICLR) in Ontario, Canada, and several private research institutions in Europe in launching MRI.

MRI was formed to promote global research, knowledge exchange, and advanced model development on natural catastrophe and manmade risk.

The Institute’s goal is to collaborate to better understand, calculate, mitigate, and hedge risk in a changing environment.

MRI will be overseen by a steering committee led by Dr. Gero Michel, Chief Risk Officer and Head of Risk Analytics at Montpelier Re, and composed of representatives from academia and government.

“By fostering collaboration between scientists and insurance specialists, MRI will seek more accurate ways to assess risk across various scales, territories, and perils,” said Dr. Michel in a statement about the launch. “As risk becomes more interconnected in a changing environment and climate, it is very important that our models and risk assessment techniques evolve as well.”

Chris Schaper, President of Montpelier Re, said, “MRI is a win-win for Montpelier and our research partners. Participating scientists gain access to our extensive modeling capabilities for use in their research, and Montpelier benefits from additional talent to help us further enhance our risk analytic services.”

Source: Montpelier Re Holdings Ltd.