Conning, a leading global provider of investment advisory and risk and capital management software solutions for the global insurance industry, announced recently that Qatar Reinsurance Company LLC(Qatar Re), the reinsurance arm of Qatar Insurance Company (QIC), has signed a multi-year license for Conning's GEMS Economic Scenario Generator (ESG) software.

After a competitive evaluation, Qatar Re selected GEMS software to enhance the company's capital and risk modelling. GEMS ESG will be used as the stochastic driver of market and credit risk for the calculation of regulatory capital and for business planning purposes.

Conning's GEMS software is an economic scenario generator that simulates future states of the global economy and financial markets using leading-edge economic models, providing full market risk and asset class coverage. Its financial models ensure that simulations provide realistic representation of extreme events such as those that occurred in the 2008 financial crisis. GEMS ESG is used by insurers for applications such as Solvency II, economic capital modeling, market consistent embedded value calculations, stochastic liability and capital valuation, asset portfolio optimisation and derivative and hedging strategies.