Ireland-based private company Stoch Analytics has acquired the Atlas software suite from global management consultancy Oliver Wyman.

Atlas, a cloud-based actuarial modelling platform, is utilised by life insurance companies across the US, Canada and Europe for pricing, valuation and asset-liability management.

The platform is known for its high optimisation and integration capabilities.

Furthermore, Stoch Analytics has appointed Chris Stiefeling as CEO.

Most recently, Stiefeling held a role at Oliver Wyman.

Oliver Wyman partner Alex Lyall said: “We are delighted to announce the sale of Atlas, and excited about the appointment of Chris as CEO of Stoch Analytics. Oliver Wyman, and Oliver Wyman Actuarial consulting, will continue to partner and work with Stoch Analytics on a go-forward basis.”

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Stoch develops, markets, sells and supports modelling solutions for the life insurance industry.

These solutions include the Atlas software suite and the iReplicate policyholder compression tool, which is designed to reduce model run times by at least 90%.

Stiefeling said: “Regulatory changes in the life and retirement space such as Principles Based Reserving are creating new demands for faster, more advanced analytical solutions – and Atlas is well positioned to respond.

“Atlas is one of the fastest modelling platforms available today, which allows the insurers to optimise their financial and actuarial resources while reducing cloud spend.”

Stoch Analytics said it will create, promote, offer for sale and provide support for high-performance stochastic modelling systems for the life insurance sector.

These solutions include the iReplicate policyholder compression tool and the flagship Atlas software suite, which is used to model insurance asset and liability portfolios.

“Regulatory and other market demands are requiring life insurers to perform increasing amounts of complex modelling on a daily basis. Our mission is to continue to deliver, to our current and future clients, the best modelling solutions for the stochastic world,” Stiefeling added.