AIR Worldwide and Risk Management Solutions (RMS) have agreed to pool their data to assist insurers and reinsurers struggling with increasingly complex catastrophe models.

“The terms of this agreement allow each other to develop capabilities in our respective products to directly import or export data from or to the other’s schemes,” an AIR Worldwide spokesman said.

“Both RMS and AIR are pleased that despite being competitors, we were able to collaborate very effectively in agreeing on an arrangement to address this issue to benefit our mutual clients.”

Both firms are currently exploring opportunities to form similar agreements with other catastrophe-modelling firms.