Catastrophe modeler Risk Management Solutions (RMS) plans to launch its new tool tied to the RMS(one) platform this spring as revenue for its existing products continues to grow as a slow pace, according to a company statement.
The release of Risk Modeler version 1.0 will be a “major milestone” for the platform and will take place following “successful completion of product testing,” according to a statement today from RMS parent Daily Mail and General Trust (DMGT).
RMS will hold its annual user conference in March.
Risk Modeler is the next step in the development of RMS cloud-based platform for insurance and reinsurance clients. In September the company released the first tool developed for RMS(one) suite — Exposure Manager.
DMGT said in its first quarter earnings update that RMS reported revenue grew 24 percent to $75 million (59 million pounds). Underlying revenue for the modeling firm — which excludes one-time items — was one percent.
Last year executives cautioned that profitability would remain tepid as the company continued to invest the the RMS(one) platform and rapid consolidation continued within its insurance and reinsurance client base.
“I’m cautiously optimistic about the future of RMS,” said DMGT Chief Executive Paul Zwillenberg in a conference call last year. “Realistic and optimistic.”