Karen Clark Presented with Lifetime Achievement Award

BOSTON, September 6, 2007

AIR Worldwide and Karen Clark & Company today announced that Karen Clark, vice chair of AIR Worldwide, has been awarded The Review Worldwide Reinsurance Awards' Lifetime Achievement award. The prestigious award recognizes an individual who has made the most outstanding long-term contribution to the re/insurance industry.

The Worldwide Reinsurance Awards judging panel, which is made up of CEOs and senior executives from within the industry, selected Ms. Clark after reviewing nominations from around the world. The award was presented to Karen Clark at a ceremony on Wednesday, 5th September held at The Dorchester Park Lane Hotel in London. The judges referred to Ms. Clark as, "the founder of modern day modeling" who "put modeling on the map."

As the founder of AIR Worldwide, Karen Clark is an internationally recognized expert in the field of catastrophe risk modeling. In 1987, Ms. Clark pioneered the probabilistic catastrophe modeling techniques that revolutionized the way insurers, reinsurers and financial institutions manage their catastrophe risk. In addition, she has led the development of innovative technologies that enable companies to identify, quantify and plan for the financial consequences of catastrophic events. In 2000, she was selected by Business Insurance as one of the "Top 100 Women in the Insurance Industry." In 2001, Ms. Clark was honored as "Woman of the Year" by the Association of Professional Insurance Women (APIW) and in 2006, she was selected by Business Insurance as a "Woman to Watch."

"Receiving the Lifetime Achievement Award is a great honor for me," Ms. Clark said. "And while it was extremely challenging to create and develop the catastrophe modeling discipline, this award also speaks to the industry's ability to embrace new, highly sophisticated technology for complex insurance decisions. I'm now looking forward to working with companies to take the industry to the next level with respect to catastrophe risk management."

In August 2007, Ms. Clark launched a new independent firm—Karen Clark & Company—to help companies better use catastrophe models as sophisticated tools for making important risk management decisions.

"Karen Clark created an industry when she founded AIR, with a vision to change the way companies assess and manage their catastrophe risk," said S. Ming Lee, president and CEO of AIR Worldwide. "This award is a well deserved recognition of her remarkable achievements over the past twenty years, and the impact she has had on the industry."