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Bankers Insurance Group Licenses First American’s Flood Risk Score And U.S. River Flood And Storm Surge Model PDF Print E-mail

-Insurer Licenses Solutions to Improve Risk Selection and Pricing-

AUSTIN, Texas, March 17, 2009 - CoreLogic Spatial Solutions, a member of The CoreLogic Corporation (NYSE: FAF) family of companies and a leader in spatial and natural hazard risk solutions, and Bankers Insurance Group, announced today that CoreLogic Spatial Solutions has licensed key components of its Advanced Flood Risk Solutions product suite to Bankers Insurance Group.

Under the agreement, Bankers Insurance Group, which is a leading primary and excess flood provider in the United States, will utilize both CoreLogic's Flood Risk Score and its U.S. River Flood and Storm Surge Model (Flood Model). The Flood Risk Score combines comprehensive flood hazard data, such as levee and dam inventory and conditions, historical flooding patterns and advanced hydrological science, to provide an exceptionally accurate underwriting and risk management tool for excess flood insurance. The Flood Model enables comprehensive analysis of both riverine and coastal flood risk at the portfolio and policy level for locations throughout the continental United States.

"Flood coverage has been offered through Bankers Insurance Group for more than
20 years," said Scott Little, executive vice president of CoreLogic Spatial Solutions. "With CoreLogic's tools, Bankers can manage their existing portfolio even more accurately and actively than before-along with writing favorably priced additional business that fits their risk profile. Managing flood risk is more important than ever, as U.S. insurers have recently experienced a significant increase in flood exposure and losses."

"We are very excited about Bankers Insurance being one of the first companies to take advantage of these new risk scoring products," said Paul Sperazza, vice president of Willis Re, a global reinsurance broker. "Already one of the leading flood providers, Bankers will enhance growth and underwriting capabilities with this new tool."

Bankers Insurance agrees. "Consistently pursuing breakthrough technology keeps Bankers at the forefront of the flood industry by allowing us to better integrate levee and dam exposure and storm surge activity in our risk pricing," said Bankers Vice President of Product Management Barry Gates. "We are thrilled to find ourselves once again ahead of the curve as one of the first insurance companies underwriting flood policies using sophisticated risk analytics. This allows us to take advantage of an advanced modeling program, whereby we can manage flood risk in the same way that hurricane-wind and related perils have been managed by underwriters for years. By employing these tools, we are increasing our business and enhancing an already strong reputation in the marketplace."

About Bankers Insurance Group

Bankers Insurance Group is a diverse corporation known for its innovative products and superior customer service. Headquartered in St. Petersburg, Fla., Bankers is strongly rooted in the Southeast, with the specialized experience and geographic focus of a major regional carrier. At the same time, Bankers offers its policyholders and agents the broad-based expertise and technological resources of a national company doing business in more than 40 states. For homeowners, business owners, individuals and families, Bankers Insurance Group is a reliable partner in protecting both property and peace of mind through experience and exceptional customer service. More information about the company can be found at www.bankersinsurance.com.
 
About CoreLogic

The CoreLogic Corporation (NYSE: FAF) is a FORTUNE 500® company that traces its history to 1889. With revenues of approximately $6.2 billion in 2008, it is America's largest provider of business information. CoreLogic combines advanced analytics with its vast data resources to supply businesses and consumers with valuable information products to support the major economic events of people's lives, such as getting a job, renting an apartment, buying a car or house, securing a mortgage and opening or buying a business. The CoreLogic Family of Companies, many of which command leading market share positions in their respective industries, operate within five primary business segments, including: Title Insurance and Services, Specialty Insurance, Information and Outsourcing Solutions, Data and Analytic Solutions, and Risk Mitigation and Business Solutions. More information about the company and an archive of its press releases can be found at www.faspatial.com.
Last Updated on Tuesday, 14 April 2009 15:46