AIR Worldwide founder Karen Clark will leave her post as chief executive officer to become vice chairman of the board, the company announced.
S. Ming Lee, currently the company's executive vice president, will succeed her as president and chief executive officer on April 15, AIR said.
“I've decided the time is right for me to rebalance my activities and pursue new challenges,” said Ms. Clark. In 1987, Ms. Clark became a pioneer in developing probabilistic catastrophe modeling techniques changing how insurers, reinsurers and financial institutions manage their catastrophe risk, her company said.
AIR noted that she was involved in development of technologies that enable companies to identify, quantify and plan for the financial consequences of catastrophic events.
Frank Coyne, chairman, president and chief executive officer of AIR's parent company Insurance Services Office in Jersey City, N.J., said Ms. Clark's contributions to the insurance industry “are significant and widely recognized.”
Ms. Clark said that when she started her career, catastrophe modeling as a recognized insurance discipline did not exist.
“Now, the next frontier lies in working more closely with decision-makers in the industry to foster a deeper understanding of the models and how to use them most effectively,” she noted.
Mr. Lee joined AIR in 1996 and has managed several departments over the past decade. He currently directs the operations of AIR's Consulting and Software Services Group, encompassing software product management and testing, technical support, and catastrophe loss analysis services.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
