MetLife Signs for Kamakura Basel II Solution: One of World's Largest Life Companies Expands KRM Installation
HONOLULU, April 10, 2007: Kamakura Corporation reported today that MetLife, one of the ten largest life insurance companies in the world, has signed an agreement with Kamakura to extend its enterprise-wide Kamakura Risk Manager [KRM] software implementation to include calculation and reporting of Basel ll capital requirements. The Company, which has over $527 billion dollars in assets, has been relying on the KRM solution in its investment department and its affiliated banking company since 2003. MetLife is also a subscriber to the Kamakura Risk Information Services default probability and correlation service (KRISTM.)
"MetLife has steadily increased its reliance on Kamakura Risk Manager since the initial installation in 2003," said Rich Owens, Vice President in the Portfolio Management Department at MetLife. "The integration of credit risk, market risk, and asset/liability management that Kamakura offers is unique in the industry. That integrated view of risk is something we are seeking to take full advantage at MetLife Investments."
"MetLfe is both one of the largest insurance companies in the world and one of the largest bank holding companies in the United States." said Warren Sherman, Kamakura President and Chief Operating Officer. "The blurring of the boundaries within the financial services industry makes it essential to see and analyze the impact of changes in the economy on all assets and liabilities in all business lines, both for shareholder value creation and for best practice corporate governance. We are honored to have the opportunity to work even more closely with MetLife in the years head."
Kamakura has several of the world's largest insurance, guarantee, and reinsurance companies as clients. For more information on Kamakura Corporation and insurance analytics, please see Kamakura's web site www.kamakuraco.com
MetLife, Inc. is a leading provider of insurance and financial services with operations throughout the United States and the Latin America, Europe and Asia Pacific regions. Through its domestic and international subsidiaries and affiliates, MetLife, Inc. reaches more than 70 million customers around the world and MetLife is the largest life insurer in the United States (based on life insurance in-force). The MetLife companies offer life insurance, annuities, auto and home insurance, retail banking and other financial services to individuals, as well as group insurance, reinsurance and retirement & savings products and services to corporations and other institutions. For more information, please visit www.metlife.com
About Kamakura Corporation
Kamakura Corporation is a leading provider of risk management information, processing and software. Kamakura has been a provider of daily default probabilities and default correlations for listed companies since November, 2002. Kamakura launched its business mortality model for unlisted companies in January 2004. Kamakura is also the first company in the world to develop and install a fully integrated enterprise risk management system that analyzes credit risk, market risk, asset and liability management, and transfer pricing software system. Kamakura has served more than 160 clients ranging in size from $3 billion in assets to $1.6 trillion in assets. Kamakura's risk management products are currently used in 23 countries, including the United States, Canada, Germany, the Netherlands, France, Switzerland, the United Kingdom, Eastern Europe, the Middle East, Africa, Australia, Japan, China, Korea and many other countries in Asia.
Kamakura's research effort is led by Professor Robert Jarrow, who was named Financial Engineer of the Year in 1997 by the International Association of Financial Engineers. Professor Jarrow and Dr. van Deventer were both named to the 50 member RISK Hall of Fame in December 2002. Kamakura management has published more than 100 publications on credit risk, market risk, and asset and liability management.
Kamakura has world-wide distribution alliances with Fiserv and Unisys, making Kamakura products available in almost every major city around the globe.
For more information contact
2222 Kalakaua Avenue, 14th Floor, Honolulu, Hawaii 96815
Web site: www.kamakuraco.com