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LOGiQ3 launches Life Reinsurance Business Process Outsourcing company

14th July 2009: Life reinsurance services company LOGiQ3 Inc announces the creation of a bespoke Business Process Outsourcing (BPO) company for the industry, LOGiQ3 Solutions Corporation.

Since its start up in 2005, LOGiQ3 has become well known as a service provider to the North American life reinsurance community via its consulting and audit services and Chris Murumets, Chief Executive Officer, says that this is the next natural step in the evolution of the business:

“We have been working with several companies to help them manage their own reinsurance operations, and are now ready to take this further and manage it on their behalf. With recognised industry professionals in place to lead this initiative, I am delighted that LOGiQ3 Solutions Corporation has already secured its first client, a US direct writer.”

The LOGiQ3 BPO service handles all functions expected in a ceded reinsurance department: reinsurer billing and correspondence, retention management, claims administration and adjudication, treaty administration, underwriting, treasury management and thorough management information reporting.

Simon Bell, Chief Operating Officer of LOGiQ3, adds that the industry is ready for a BPO solution specifically focusing on life reinsurance administration:

“This business continues to get increasingly complex with insurance and reinsurance companies now looking for flexible expense models whilst best managing their reinsurance risk, and our leadership team has significant reinsurance experience to deliver this requirement.”

About LOGiQ3

Founded by Chris Murumets and Simon Bell, LOGiQ3 is one of the leading agents of change within the life reinsurance industry, combining experienced industry personnel together with processes and bespoke technology across all the business functions.

The company focuses on life reinsurance and provides a variety of professional services including auditing, consulting and outsourcing to more than 15 companies in North America from its offices in Toronto, Canada, and Cardiff in the United Kingdom.

Chris Murumets, Chief Executive Officer, has been in various sectors of the reinsurance service chain since 1990 and prior to LOGiQ3 worked with Sun Life Reinsurance.

Simon Bell, Chief Operating Officer, has a broad technology background and previously worked for Friends Provident in the UK. Former co-chairperson of the ACORD life reinsurance working group he helped in defining data standards for the life reinsurance industry.

The company, now employing 12 people, has targeted knowledge gaps within the industry and built a team who combine big picture awareness with a detailed understanding of issues facing life reinsurance practitioners, focusing on risk management, best practices and knowledgeable resources.

In September 2008, LOGiQ3 was the first company from the life reinsurance industry to be recognised by Canada’s PROFIT magazine in their annual rankings. www.logiq3.com.