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Our new toys were creating a stir in a market that was stressed by a chain of losses.Our new toys were creating a stir in a market that was stressed by a chain of losses These early models were, in retrospect, poor, and ran incredibly slowly but the die was cast.My colleague Andrew Mitchell (now also at Willis) built the first stochastic UK windstorm model.I build my first stochastic reinsurance model in Excel with Excel macros.In 1987 Karen Clark, later to found AIR, built first Hurricane model funded by reinsurance broker Blanch (but smartly she kept the IPR).eg Natural Hazard Risk Assessment for an Insurance Program, Don Friedman, 1984.Similarly, the theory for catastophe modelling was becoming formalised.But take up limited by hardware and software limitations.eg Risk Theory : The Stochastic Basis of Insurance Beard, Pentikainen and Pesonen, 1984.Stochastic theory for insurance modelling had been around for some time.Stochastic theory for insurance modelling had been around for some time To look at reinsurance strategy across an operation for consistency.Assess whether a particular purchase was appropriate.Assess whether a particular strategy was appropriate.Bu there was no framework, let alone a rigorous one, to:.Well priced opportunistic purchases (hard sold by broker).And yes, much reinsurance was also bought for shorter term aims.Care taken to limit net PMLs to acceptable amounts (however both terms defined).Quota share often described as a capital protection product given simple premium volume linked capital rules then applying.Yes there was appreciation of capital requirements.