Karen Clark & Company Senior Vice President Honored As Risk Management Innovator

BOSTON, MA, September 25, 2012

Karen Clark & Company (KCC), independent experts in catastrophe risk, catastrophe models and catastrophe risk management, today announced Senior Vice President Glen Daraskevich has received the Risk Innovator™ Award in the Technology category from Risk & Insurance® magazine. The annual award recognizes individuals across a variety of industries who have demonstrated innovation and excellence in risk management.

Mr. Daraskevich was honored for leading the development of Characteristic Events (CEs), a tool to assist insurance companies in assessing and managing catastrophe risk. Introduced earlier this year, CEs are defined-probability events created for specific peril regions that provide a wealth of information to insurers. In light of the inherent limitations of catastrophe models, KCC developed CEs as an additional tool offering a more consistent and effective framework, and a robust scientific approach, to catastrophe risk management.

"I am pleased to receive this award and thank Risk & Insurance® for the recognition," said Mr. Daraskevich, who heads the Consulting Group at KCC. "The award is testament to the innovative approaches KCC has developed to help address the major challenges facing the insurance industry in managing catastrophe risk. We developed CEs in direct response to requests from KCC clients seeking stable and operational risk metrics for measuring and managing catastrophe loss potential. We have seen an overwhelmingly positive response, with a significant number of companies adopting the CE approach."

Mr. Daraskevich is an eleven-year veteran of the risk management industry. At KCC, he consults with leading companies to define and implement strategies for enhanced profitability through more effective exposure management, better understanding of catastrophe loss potential, and customized frameworks for assessing and managing catastrophe risk. Mr. Daraskevich previously served six years at AIR Worldwide, advancing to Vice President of the Research and Modeling Team. In that role, he led the efforts of scientists and engineers in developing several of the company’s proprietary models. In his capacities at AIR and KCC, Mr. Daraskevich was responsible for directing post-disaster damage surveys for the hurricanes of 2004, 2005 and 2008.

This is the second time a KCC executive has received the Risk Innovator™ Award. In 2008, President and CEO Karen Clark was honored, cited by the magazine as "among the industry’s greatest Risk Innovators."

Winning applications for the Risk Innovator™ Award are selected by the editors and writers of Risk & Insurance®.