London, Toronto (PRWeb UK) February 15, 2011
Algorithmics, the leading provider of enterprise risk solutions, today announced that, following its successful acquisition of VIPitech in June 2010, it has made significant steps towards the strategic integration and alignment of VIPitech within Algorithmics. From now on, VIPitech will be known as Algo Financial Modeler and will continue to be sold as a standalone product and also as part of Algorithmics’ integrated family of insurance solutions.
Dr Andrew Aziz, Executive Vice President of Buy-Side Solutions at Algorithmics, said: “Following the successful integration of the VIPitech business into Algorithmics, the time is right to name VIPitech to fit in with Algorithmics’ family of products. The product has a key role and future in our insurance solution strategy and, going forward, it will be known as Algo Financial Modeler. Since the acquisition, we have retained all existing VIPitech clients, acquired some important new clients and have developed a growing pipeline of new prospects. On the development front, we are continuing our extensive program of product enhancement.”
Candice Thompson, Senior Director, Algo Financial Modeler, said: “We are very excited by the immediate impact that our product has had within Algorithmics since the acquisition. The future for Algo Financial Modeler is bright, both as a standalone offering and as an integrated solution within Algorithmics. We continue to invest in product development to retain our leadership position. The latest release of Algo Financial Modeler, Version 1.5, contains technological innovations that have the potential to reduce overall hardware costs and improve model run times – something that is particularly important for Solvency II, other risk-based capital regimes and accounting principles. We have observed some models running over ten times faster on the new version.”
Further enhancements to Algo Financial Modeler are planned and an extensive development roadmap has been published to clients and prospects outlining enhancements to the product in line with client and target market needs over the next few years.
For more information about Algorithmics’ solutions for the insurance industry, visit:
For more information about Algorithmics' award winning and patented solutions, visit: http://www.algorithmics.com
For further information please contact:
Heather Smith, Senior Communications Manager, Algorithmics (UK) Ltd
Direct line +44 (0) 20 7392 5820 Mobile +44 (0) 7515 974223
Notes to Editors:
Algorithmics is the world's leading provider of risk solutions. Financial organizations from around the world use Algorithmics' software, analytics and advisory services to help them make risk-aware business decisions, maximize shareholder value, and meet regulatory requirements. Supported by a global team of risk experts based in all major financial centers, Algorithmics offers proven, award-winning solutions for market, credit and operational risk, as well as collateral and capital management. Algorithmics is a member of the Fitch Group. http://www.algorithmics.com
Algo Financial Modeler, formerly VIPitech, is a market-leading software used for actuarial and financial analysis by insurance and financial services firms. The building and interaction of large and complex company rules are made simple in the development environment of the system. Designed for actuaries, asset and liability models contained in Algo Financial Modeler are easy to use, understand and review. Due to its modular concept and optimized production environment, the actuarial code is streamlined and reused efficiently to perform all the functions in the actuarial control cycle and for balance sheet calculation of capital and liabilities for regulatory regimes such as Solvency II.
Economic Capital and Solvency II solution 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, and providing an overall view of capital consistent for both standard formula and internal model approach under Solvency II. It helps decision-makers to swiftly recognize the full spectrum of a firm’s material risks, performs capital aggregation and attribution, and enables them to incorporate risk management into their planning to support future growth.
Fitch Group is the parent company of Fitch Ratings, a global ratings agency committed to providing the world's markets with independent, timely and prospective credit opinions. With 49 offices worldwide, Fitch Ratings’ global expertise spans across capital markets in over 150 countries. Fitch Ratings is headquartered in New York and London.
The Fitch Group also includes Fitch Solutions, a distribution channel for Fitch Ratings products and a provider of data, analytics and related services; and Algorithmics, the world's leading provider of enterprise risk solutions.
The Fitch Group is a majority-owned subsidiary of Fimalac, S.A., headquartered in Paris, France.
For additional information, please visit http://www.fitchratings.com http://www.algorithmics.com and http://www.fimalac.com
© 2011 Algorithmics Software LLC. All rights reserved. ALGORITHMICS, Ai Logo, ALGORITHMICS & Ai Logo, ALGO, MARK-TO-FUTURE, RISKWATCH, KNOW YOUR RISK, ALGO RISK, ALGO MARKET, ALGO CREDIT, ALGO COLLATERAL, ALGO FIRST, ALGO ONE, ALGO FOUNDATION, ALGO FINANCIAL MODELER, ALGO OPVAR and TH!NK Logo are trademarks of Algorithmics Trademarks LLC.