Capital Risk signs with Longitude to offer weather products
New York-based weather risk specialist, Capital Risk, has teamed with Longitude, a developer of financial technology to facilitate new derivatives markets, to develop weather risk management products.
"Longitude's PDCA technology is an ideal solution for the weather markets," said Stuart Mercer, chief executive of Capital Risk, a joint venture formed by US venture capital firm The Blackstone Group and UK risk management firm Jardine Lloyd Thompson in May 2000. Capital Risk structures and transactions using insurance and capital markets products.
"Lack of liquidity has limited the development of weather derivatives, and we see enormous potential for PDCA technology to address the unique needs of weather risk management," he added.
Longitude was recently issued a patent for some of the systems used in its PDCA technology.
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