The B&H Proxy Generator creates proxy functions that can be used to model life insurers’ assets and liabilities to support capital calculations. Proxy functions can provide significant runtime reductions over full asset-liability management (ALM) cash flow models for applications such as interim valuation, capital calculations or hedge effectiveness.
The B&H Proxy Generator will help Generali to quickly model its complex life insurance business and to efficiently create proxy functions for use in its capital calculations, such as one year Value-at-Risk (VaR).
As one of the world’s largest insurance providers with more than 65 million clients, the Generali Group needed a group-wide Solvency II solution that could be applied to its internal model in a consistent manner across all of its product lines. Generali operates in more than 60 countries worldwide, including Western Europe, Central Eastern Europe and Asia.
Sandro Panizza, Chief Risk Officer (CRO) of Generali, stated: “The short setup time offered by Moody’s Analytics, together with accurate validation models and the ability to automate generation of proxy functions were key factors in our decision for the B&H Proxy Generator. Moody’s Analytics is a leading expert in proxy modeling and we believe that their sophisticated solution will play a crucial role in helping us achieve our goals in terms of meeting quality requirements and implementation timelines.”
Andy Frepp, Managing Director, Insurance Solutions, at Moody’s Analytics, stated: “Generali’s decision to license the B&H Proxy Generator demonstrates their trust in our implementation capabilities and confirms our position as a leading provider of cutting-edge modeling solutions. ”
For more information on the B&H Proxy Generator
Contact: Kerstin Voekel, Communication Strategist, Moody's Analytics
Email: Kerstin.Voekel@moodys.com Telephone: +44 20 7772 5207
Moody’s Analytics helps capital markets and risk management professionals worldwide respond to an evolving marketplace with confidence. The company offers unique tools and best practices for measuring and managing risk through expertise and experience in credit analysis, economic research and financial risk management. By providing leading-edge software, advisory services and research, including proprietary analyses from Moody’s Investors Service, Moody’s Analytics integrates and customizes its offerings to address specific business challenges. Moody's Analytics is a subsidiary of Moody's Corporation (NYSE: MCO), which reported revenue of $2.7 billion in 2012, employs approximately 6,800 people worldwide and has a presence in 28 countries. Further information is available at www.moodysanalytics.com.
]]>LONDON 26 March, 2014 —Moody’s Analytics, a leader in risk measurement and management, today announced the launch of a new enterprise solution for Solvency II. The B&H Proxy Generator V3.0 enables life insurers to perform fast asset and liability calculations for Solvency II Internal Model and Own Risk and Solvency Assessment (ORSA) purposes.
The B&H Proxy Generator automates the calibration of multiple asset and liability proxy functions, provides clear auditability including validation reporting, and reduces operational risk. It has been designed specifically to support insurers in multi-site environments to meet every day business requirements for Solvency II.
Many insurers are not able to perform calculations fast enough for capital calculations and risk-based decision making, due to the run times associated with their current Asset Liability Management (ALM) systems. The new B&H Proxy Generator V3.0 creates proxy functions that can be used to model the full distribution of an insurer’s balance sheet, reducing the reliance on full ALM cash flow models. The solution also enables insurers to manage the calibration of proxy functions across multiple portfolios of assets and liabilities.
“With Solvency II back on track, embedding a robust modelling capability into business operations is key. The B&H Proxy Generator supports Internal Model and ORSA requirements, and enables senior management to assess the impact of risks on their balance sheet and capital position quickly”, says Colin Holmes, Senior Director, Moody’s Analytics Insurance Solutions. “We’re seeing an increasing appetite in the industry for proxy techniques to support a broad range of risk management requirements, including continuous solvency monitoring, stress and scenario testing, business planning and assessment of hedging strategies”, adds Mr. Holmes.
In addition to the B&H Proxy Generator, Moody’s Analytics offers comprehensive solutions for insurers including RiskIntegrity™, RiskFrontier™ for credit VAR calculations and the Barrie + Hibbert product suite. Barrie + Hibbert was acquired by Moody’s Analytics in 2011.
For more information, please visit www.moodysanalytics.com/riskintegrityor www.barrhibb.com
]]>LONDON, 24 March 2014 – Moody’s Analytics, a leader in risk measurement and management, today announced that Friends Life has implemented the B&H Proxy Generator to manage its with-profits business on a proactive basis. The solution, which utilizes least squares monte carlo (LSMC) methodology will effectively integrate Friends Life’s with-profits business with the company’s existing ALM systems.
The B&H Proxy Generator meets Friends Life’s requirement for a liability proxy that enables rapid calculation of its risk exposures. Of equal importance to Friends Life is the fact that the solution provides an end-to-end process for proxy generation that takes into consideration the complexities of Friends Life’s calculations and the dynamic processes and management actions already established within the organization.
Patrick Van Beek, ALM Risk Manager, Friends Life stated: "Moody’s Analytics offers us a robust solution, helping us to understand complex liabilities and better risk manage our With Profits Funds. Moody’s Analytics is the recognized leader in this area and the B&H Proxy Generator provides us with the results we need."
Alexis Bailly, Director at Moody’s Analytics stated: “We are delighted that Friends Life has licensed the B&H Proxy Generator to manage the complexities of their with-profit funds, and we are proud that we were able to complete the implementation within a very short timescale.”
For more information on the B&H Proxy Generator
Contact: Kerstin Voekel, Communication Strategist, Moody's Analytics
Email: Kerstin.Voekel@moodys.com Telephone: +44 20 7772 5207
Moody’s Analytics helps capital markets and risk management professionals worldwide respond to an evolving marketplace with confidence. The company offers unique tools and best practices for measuring and managing risk through expertise and experience in credit analysis, economic research and financial risk management. By providing leading-edge software, advisory services and research, including proprietary analyses from Moody’s Investors Service, Moody’s Analytics integrates and customizes its offerings to address specific business challenges. Moody's Analytics is a subsidiary of Moody's Corporation (NYSE: MCO), which reported revenue of $2.7 billion in 2012, employs approximately 6,800 people worldwide and has a presence in 28 countries. Further information is available at www.moodysanalytics.com.
Friends Life provides pensions, investments and insurance for over five million customers. Our key business lines are corporate benefits, protection and retirement income. Friends Life is the brand name of Friends Life Group plc.
Our heritage dates back to 1810, with Friends Provident being founded in 1832 to help alleviate the hardship of Quaker families facing misfortune.
Other brands in the Friends Life group include:
Important
This news service is for information purposes only and does not provide any form of advice, recommendation or financial promotion. Any opinions expressed by third parties are those of the third party concerned and not of Friends Life. Friends Life does not accept liability for any errors or omissions or for loss incurred because of reliance on information or opinions given.
The content of the news items set out above are accurate only as of the date of issue and Friends Life does not undertake any obligation to update them.
Useful links:
www.flickr.com/photos/friendsimages
www.twitter.com/FriendsLifeTalk.
To follow Friends Life twitter page on your mobile, simply text "follow FriendsLifeTalk" to 86444 (UK only)
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The breadth and pace of global insurance regulation is growing. From capital planning, to stress testing and regulatory reporting, insurers are being challenged to keep up with the changing regulatory environment.
Insurance Regulatory Insight, a new publication offering insurance professionals a monthly at-a-glance round-up of new and evolving insurance regulation.
Global coverage
With the convergence of global insurance regulation, it is important to be aware of new developments, whatever their source. Always current, Insurance Regulatory Insight provides a one-stop shop for summarized up-to-date information from across the globe on legislative developments, proposals, consultations and announcements.
We've read, sifted and filtered so you don’t have to
When time is at a premium, you will appreciate the efforts our analysts have made to capture and distill the detail that is important to you, delivering it to you each month in a succinct and accessible format, together with links to source materials, important for readers who wish to drill down into more detail.
Register now for our complimentary Insurance Regulatory Insight to:
According to the Moody's Analytics survey, only 25% of the firms surveyed are currently ready to comply with Solvency II, while 65% of survey participants are still developing their solutions to become compliant and 11% of the sample are in the "late" category as they do not have tools in place yet.
The survey shows that many European insurers still have a substantial amount of work to do in order to attain compliance, despite good progress by some market participants. In particular, Moody’s Analytics identified three main areas that will need to be addressed, namely: regulatory reporting, insurers’ ability to meet Own Risk and Solvency Assessment (ORSA) requirements, and data quality management. In addition to these challenges, embedding the risk culture that Solvency II dictates into insurance business practices is likely to become a major undertaking for many insurers.
"Our survey has revealed that the size of an insurer is a key determinant in relation to the level of effort and investment made, and in relation to the approach taken to address the regulation. At one end of the spectrum, large firms have embraced Solvency II as an opportunity to enhance their risk capabilities and infrastructure," explains Brian Heale, Senior Director, Business Development at Moody’s Analytics.
"However, at the other end of the spectrum, we find firms that are addressing the requirements as a rather superficial regulatory "tick-box" exercise. Hence, these firms are not seizing the opportunity to step beyond compliance in order to build the infrastructure that can help them understand the relationship between risk and capital and consequently make better informed decisions," adds Mr. Heale.
The survey also analysed the progress made by country in the sample and found that, on average, the UK, France and Germany are at more advanced stages of implementation, followed by countries in an intermediate stage, such the Nordics and Spain.
According to the survey, Solvency II has the potential to yield benefits to the industry, particularly in terms of risk management and data quality. Moreover, 42% of the survey sample (primarily the largest firms) indicated that they already derive business-related benefits from their Solvency II investments.
"Although the first priority for many firms is to attain compliance, our survey suggests that those firms that have fully embraced Solvency II and undertaken long-term strategic investments are more likely to obtain commercial and operational benefits from their investments. In our view, those adopting this approach will be better positioned to deal with future regulatory changes and achieve competitive advantages" says Mr. Heale.
This survey was conducted with 45 insurers of all sizes across Europe, through one-to-one in depth interviews, during the last quarter of 2012 and first quarter of 2013.
The report, "Solvency II: A tale of missed opportunities?", is part of Moody’s Analytics thought leadership series dedicated to the insurance sector and is now available on
Further information: Kerstin.Voelkel@moodys.com
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Moody’s Analytics, a leader in risk measurement and management, today announced the addition of the B&H Economic Capital Calculator to Moody’s Analytics Capital Modelling Framework. A Monte Carlo based aggregator, the B&H Economic Capital Calculator helps life insurers to process large data volumes associated with capital modelling.
Moody’s Analytics developed the solution using enterprise technology to help users meet the high performance requirements for economic capital calculations. The solution also helps insurers to create enhanced audit trails in support of regulatory reporting.
“Implementation of global solvency regulations continues to be a key business priority for insurance companies,” said Andy Frepp, Managing Director of Moody’s Analytics Insurance Solutions. “Moody’s Analytics has responded to the need for intuitive economic capital modelling by creating a cutting edge Monte Carlo solution that allows management to embed capital metrics into day-to-day operations.”
The B&H Economic Capital Calculator has been designed to reduce implementation costs and can be fully integrated within existing production processes. This is particularly important for employing what-if analysis in support of informed business decision-making.
When the B&H Economic Capital Calculator is used in conjunction with B&H Risk Scenario Generator and B&H Proxy Generator, Moody's Analytics Capital Modelling Framework provides an end-to-end capital modelling solution that can be used to meet regulatory requirements or internal management purposes. Together, these solutions will help insurers use risk based metrics to better manage their capital position and how it might evolve.
About Moody's Analytics
Moody’s Analytics helps capital markets and risk management professionals worldwide respond to an evolving marketplace with confidence. The company offers unique tools and best practices for measuring and managing risk through expertise and experience in credit analysis, economic research and financial risk management. By providing leading-edge software, advisory services and research, including proprietary analyses from Moody’s Investors Service, Moody’s Analytics integrates and customizes its offerings to address specific business challenges. Moody's Analytics is a subsidiary of Moody's Corporation (NYSE: MCO), which reported revenue of $2.7 billion in 2012, employs approximately 6,800 people worldwide and has a presence in 28 countries. Further information is available at www.moodysanalytics.com
]]>The Long-term guarantee Assessment (LTGA) technical specifications were released by EIOPA on 28 January. Participants to these quantitative studies are required to complete and submit their calculations in just over 8 weeks.
In order to accelerate and optimise their calculations, a number of insurers and mutual firms have asked Barrie & Hibbert for the calibrations and scenario sets they need for assessing the impact of the measures considered within the LTGA. These include:
Barrie & Hibbert is now delivering calibrations and scenario sets, both at the reference date of the LTGA and the historical sensitivity dates, to allow the LTGA participants to complete their studies within the very short time frame stipulated by EIOPA. These calibrations will cover multiple asset classes and will be aligned with the specifications published by the EIOPA.
Insurers who wish to receive deliveries or advice to help them complete submission of calculations on time, should contact their relationship manager at Barrie & Hibbert.
]]>We have introduced a regular series of research reports covering a range of topics relevant to those involved in market and credit risk measurement and management in life insurance groups, P&C companies, Defined Benefit pension funds and other writers of long-term liabilities
The following papers have now been published and are available for download:
This paper was commissioned by the Institute and Faculty of Actuaries (together with a paper on a related topic by PwC). Our paper researches the application of market-consistent valuation and risk-based capital techniques to the analysis of the security of DB pension fund promises. In particular, the paper focuses on how a DB pension fund sponsor’s commitment to funding pension fund deficits can be valued as a credit-risky asset on the pension fund ‘holistic balance sheet’.
The European Insurance and Occupational Pension Authority’s recent Quantitative Impact Study on the funding of occupational pensions and the potential treatment of sponsor support has made this a topical issue for DB pensions in the European Union. And with aggregate DB pension fund deficits in North America and Europe at record highs, the economics of sponsor support has perhaps never been more relevant. But a rigorous approach to a market-based value for sponsor support – generally a long-term, credit-risky and path-dependent cash flow stream – is a demanding challenge that makes full use and more of the techniques developed in actuarial risk management in the global insurance sector in recent years.
The report can be downloaded from the Faculty's website.
In this paper we address a technical issue that arises when a 1-year VaR economic capital measure is calculated using instantaneous balance sheet stresses. Specifically, the paper shows how 1-year risk factor probability distributions should be adjusted for application to ‘time-0’ balance sheet re-valuations in order to produce the intended 1-year VaR capital estimate. Read it now
If you have any feedback on these papers or would like to discuss them further with us, do get in touch. Similarly, if you have any suggestions on topics you would like this series to address, we would be very pleased to hear them.
]]>For the third time, Barrie & Hibbert has claimed the award for Best ESG 2012 in Insurance Risk magazine’s awards.
On receiving the award Andy Frepp, Chief Executive, stated, “We are delighted to win this award. The market for sophisticated, and easy-to-use risk management solutions has become increasingly competitive and to receive such an accolade confirms that the Barrie & Hibbert ESG together with our approach to its ongoing development aligns very well with the needs of insurers for speed, efficiency and reliable methodologies to help them meet regulatory and market challenges.”
On speaking about the judging process, Michael Faulkner, Editor of Insurance Risk stated, “Clients and those who know Barrie & Hibbert praised the “state of the art” models, particularly interest rate and equity models, as well as the quality of the documentation and log files. The flexibility to reflect in-house views where appropriate and the flexibility to run both on a market consistent and a real world basis were also highlighted by the firm’s customers.” Faulkner also added, “The quality of the customer support was also highly rated by clients.
Insurance Risk Magazine
The publication has been running the awards over many years. Winners were announced at an awards ceremony in London on 10th October 2012. Barrie & Hibbert previously received the award in 2009 and 2010. Editorial coverage of the award, can be viewed here. Information on award winners will be published at www.risk.net.
Further information
Isabel Gillies, Marketing Communications Manager,
Tel: +44 (0)131 221 3250 Isabel.gillies@barrhibb.com www.barrhibb.com
]]>Hear industry experts give their views on the latest trends influencing capital modelling, and the investment challenges facing P&C insurers. Over breakfast you will have a chance to network with other industry professionals, followed by several brief presentations. Our speakers will explore how enterprises can leverage an economic scenario generator within a P&C capital model. We will also discuss evolving investment strategies.
Commencing with a networking breakfast at 8.30am and finishing at 11am.
The venue is London's iconic Tower 42.
]]>
Whilst many insurers in Germany and elsewhere in Europe are occupied with ensuring Solvency II compliance using the standard approach and the requirements of local regulators, Thomas Gleixner of risk modelling company, Barrie & Hibbert, believes that many of these organisations are perhaps missing the broader aspects of Solvency II including the important link between risk management and strategic decision making.
Addressing an audience of senior insurance professionals at the 9th Handelsblatt Jahrestagung Solvency II in Cologne last week, Gleixner stated, "Solvency II is not only about implementing the standard approach and reporting the results. Insurers are beginning to adopt ORSA (Own Requirement Solvency Assessment) as a means of generating and using better information resources across different lines of business. Many of them view this as a real opportunity to achieve better, consistent and more informed decision making across the entire organisation.
"Of course," continued Gleixner, "many will continue to see managing and limiting risks as the only role of risk management, but the idea of a more holistic approach is gaining ground because common risk limit systems and standard formula calculations are not in themselves sufficient to inform successful business strategies."
Gleixner ended by putting forward a multi-time step / medium-term framework based on clear principles to project both market risks and expected returns as a way of creating the information and insights that are required to ensure more strategic risk and capital management.
Further information
Isabel Gillies, Marketing Communications Manager,
Tel: +44 (0)131 625 0308 Isabel.gillies@barrhibb.com www.barrhibb.com
]]>Liability proxy modelling is the subject of a forthcoming breakfast briefing to be hosted by Barrie & Hibbert in Toronto on 11 July. Co-sponsored by the Canadian Institute of Actuaries, the event is a must for industry professionals looking to adopt best practice approaches to risk and capital management.
New techniques for modeling liabilities
Benefits from this event
From our case study, you will hear how industry leaders have leveraged benefits from adopting this cutting-edge approach, and obtain practical ideas on how you can implement these in your own organisation.
Attendance may also count towards CPD credits from the Canadian Institute of Actuaries.
]]>Barrie & Hibbert, a Moody’s Analytics Company, announced today that it has received the Queen’s Award for Enterprise in International Trade, the UK’s most prestigious award for business performance. The award recognises UK businesses that have achieved a substantial and sustained increase in export earnings over three years, to a level which is outstanding for the products and services concerned.
Barrie & Hibbert’s strong track record of growth across 30 countries with exports growing to more than half of turnover was a key factor in the decision.
“This award is great recognition for the focused efforts of the whole Barrie & Hibbert team who have worked hard to expand the global reach of the business while coping with the unique demands of the global financial sector,” commented Andy Frepp, CEO at Barrie & Hibbert
Established in 1995, Barrie & Hibbert provides risk modelling solutions to the global financial services industry. Acquired by Moody’s Analytics in 2011, the company has over 150 customers in 30 countries, with over 60% of insurers in the global fortune 500 using its products and services.
Recognised as the market leader and experts in their field, the company’s commercial success has been founded on this specialist knowledge and its unique placement within the global insurance sector.
“It a great honour to receive the Queens Award for Enterprise in International Trade, particularly in the diamond Jubilee year. I would like to thank our entire team for their expertise, commitment and dedication, without which we could not have received this prestigious award.” said Frepp.
Following its acquisition by Moody’s Analytics, Barrie & Hibbert will continue to extend its international activities which will further enhance its specialist knowledge of global financial markets. It continues to provide challenging and rewarding career opportunities in Edinburgh, London, New York and Hong Kong.
Notes for Editors
Established in 1995 and acquired by Moody’s Analytics in December 2011, Barrie and Hibbert provides world-class stochastic modelling solutions to financial services clients around the globe. As part of Moody’s Analytics, it remains committed to the founding principles of delivering state-of-the-art modeling tools to help insurance, pensions, and advisory clients to identify, quantify and manage financial risks. Working together, Moody’s Analytics and Barrie & Hibbert are developing a broader more powerful library of financial models and risk solutions that can be used to understand the complicated financial relationships that drive the financial management problems of our clients.
Barrie & Hibbert currently have offices in Edinburgh, London, New York and Hong Kong.
For further information: www.barrhibb.com
About Moody’s Analytics
Moody’s Analytics helps capital markets and risk management professionals worldwide respond to an evolving marketplace with confidence. The company offers unique tools and best practices for measuring and managing risk through expertise and experience in credit analysis, economic research and financial risk management. By providing leading-edge software, advisory services and research, including the proprietary analysis of Moody’s Investors Service, Moody’s Analytics integrates and customizes its offerings to address specific business challenges. Moody's Analytics is a subsidiary of Moody's Corporation (NYSE: MCO), which reported revenue of $2.3 billion in 2011, employs approximately 6,100 people worldwide and maintains a presence in 28 countries.
Further information is available at www.moodysanalytics.com.
]]>Insurers are coming under ever increasing pressure to find the time and resources needed to comply with the complex demands of Solvency II. The sheer computational intensity, for instance, of running an internal model; and the requirement to be able to justify model assumptions to regulators, has caused many insurers to look for new more efficient ways of working.
Barrie & Hibbert is proud to announce the launch of its Next Generation Solutions designed to help insurers work faster and smarter in today’s high pressured environment.
Over the next twelve months we will be releasing a range of new products, each of which will comprehensively address particular business challenges. Clients will be able to choose whichever product is suitable for them, adding on additional products as their requirements change. The first products launched today are:
Speaking at today’s launch, Brian Robinson, Life Principal Product Manager, Barrie & Hibbert stated, “These solutions consign to history many of those laborious resource-heavy routines that are often prone to inaccuracies. They provide access to an integrated suite of new and enhanced products and services in a way that introduces greater functionality, speed reliability and automation.”
Notes for Editors
Established in 1995 and acquired by Moody’s Analytics in December 2011, Barrie and Hibbert provides world-class stochastic modelling solutions to financial services clients around the globe, helping them to evolve their business performance so that they can succeed in a complex and increasingly volatile market.
As part of Moody’s Analytics, we remain committed to our founding principles of delivering state-of-the-art modelling tools to help insurance, pensions, and retail clients to identify, quantify and manage the financial risk in savings and investment products, institutional portfolios and life and pensions balance sheets. Working with Moody’s Analytics we are developing a broader more powerful library of financial models and risk solutions that can be used to understand the complicated joint financial relationships that drive uncertainty in long-term financial plans.
We currently have offices in Edinburgh, London, New York and Hong Kong to provide sales, consultancy and support across the globe.
For further information: www.barrhibb.com/next
]]>Moody’s Corporation Acquires Barrie & Hibbert
NEW YORK, December 16, 2011 -- Moody’s Corporation announced today that it has acquired Barrie & Hibbert Limited, a leading provider of risk management modeling tools for insurance companies worldwide.
The acquisition broadens Moody’s Analytics suite of software solutions for the insurance and pension sectors. With more than 150 customers around the world, Barrie & Hibbert’s Economic Scenario Generator (ESG) is widely recognized as an industry standard for valuing and projecting assets and liabilities and assessing risk and capital positions.
In addition, Barrie & Hibbert’s offerings and expertise in understanding the risks in long-term asset and liability management will enhance Moody’s data management, capital calculation and regulatory reporting platform, to further meet the needs of institutions as they undertake risk management and regulatory compliance activities.
“Barrie & Hibbert has built a strong reputation for its specialized expertise and unique product offerings for insurance risk management,” said Mark Almeida, President of Moody’s Analytics. “Adding Barrie & Hibbert’s skills and experience to Moody’s Analytics expands our ability to help insurers meet worldwide solvency modernization initiatives including Solvency II and other regulatory challenges, and reinforces our commitment to assisting financial institutions as they address a growing array of risk management needs.”
“We are pleased to be joining a dynamic organization that is recognized as a global leader in helping financial institutions manage risk. The combination of Moody’s Analytics and Barrie & Hibbert will benefit our clients by providing them with a broader and more robust set of tools and services to assess financial risk and respond to regulatory requirements,” said Andy Frepp, CEO of Barrie & Hibbert.
Moody’s purchased Barrie & Hibbert for GBP 50 million (USD $77.6 million), and the acquisition was funded from cash on hand. Reflecting the unfavorable impact of purchase accounting and integration costs, the transaction is expected to be several cents dilutive to Moody's GAAP earnings per share in 2012.
Based in Edinburgh, Scotland, Barrie & Hibbert will be integrated into the Moody’s Analytics Risk Management Software segment, which includes a range of award winning products used by financial institutions around the world.
About Moody’s Corporation
Moody's is an essential component of the global capital markets, providing credit ratings, research, tools and analysis that contribute to transparent and integrated financial markets. Moody's Corporation (NYSE: MCO) is the parent company of Moody's Investors Service, which provides credit ratings and research covering debt instruments and securities, and Moody's Analytics, which offers leading-edge software, advisory services and research for credit and economic analysis and financial risk management. The Corporation, which reported revenue of $2.0 billion in 2010, employs approximately 6,000 people worldwide and maintains a presence in 27 countries. Further information is available at www.moodys.com.
Contacts:
Michael Adler
Vice President
Corporate Communications
+1 212-553-4667
michael.adler@moodys.com
Salli Schwartz
Vice President
Global Head of Investor Relations
+1 212-553-4862
sallilyn.schwartz@moodys.com
“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995
Certain statements contained in this release are forward-looking statements and are based on future expectations, plans and prospects for Moody’s business and operations that involve a number of risks and uncertainties. Moody’s forward-looking statements in this release are made as of the date hereof, and the Company disclaims any duty to supplement, update or revise such statements on a going-forward basis, whether as a result of subsequent developments, changed expectations or otherwise. In connection with the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, the Company is identifying certain forward-looking information regarding, among other things, the acquisition by Moody’s of Barrie & Hibbert. Actual events or results may differ materially from those contained in these forward-looking statements. Important factors that could cause future events or results to vary from those addressed in the forward-looking statements include, without limitation, risks and uncertainties arising from the ability of Moody’s to successfully integrate the Barrie & Hibbert business into its operations, to successfully retain customers and key employees of Barrie & Hibbert and to implement its plans, forecasts and other expectations with respect to Barrie & Hibbert’s business after the transaction and realize additional opportunities for growth and innovation; uncertainties relating to the ability to realize the expected benefits of the acquisition; unanticipated or unfavorable regulatory matters; general economic conditions in the regions and industries in which Moody’s and Barrie & Hibbert operate; and other risk factors as discussed in the Company’s annual report on Form 10-K for the year ended December 31, 2010 and in other filings made by the Company from time to time with the Securities and Exchange Commission.
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