London and Paris – December 20,
2001. Axa Corporate Solutions has decided to buy its facultative reinsurance contracts
through inreon, the Internet-based reinsurance trading platform. The division, which
handles global risks for large corporate clients within the French-based Axa Group, buys
facultative coverage from an international network of offices across the globe. Its
decision to join inreon is evidence of a growing acceptance among reinsurance buyers of
the benefits of trading online.
“By joining inreon we expect to achieve substantial
improvements in the speed, transparency and efficiency of our risk placements,”
commented Jean-Marie Nessi, chairman and CEO of Axa Corporate Solutions. Axa Corporate
Solutions’ will begin using the service from February 2002 and it is expected that all
offices worldwide will be ready to place their facultative reinsurance requirements online
by August 2002. Mr Nessi added that the most urgent requirement is for property cover, an
area where inreon already has a proven track record of enabling contracts to be bound.
Rob Bredahl, CEO of inreon, said: “This is a major
breakthrough for inreon. We already have a comprehensive panel of blue-chip reinsurers
participating on the platform. “Now with Axa Corporate Solutions also joining there
is an unstoppable momentum among reinsurance buyers keen to take advantage of the
efficiencies and cost savings inreon offers. “We look forward to working with Axa
Corporate Solutions’ reinsurers and brokers to ensure they are well prepared for meeting
the group’s reinsurance needs online.”
A key advantage to joining inreon will be improved
monitoring and management reporting of the reinsurance contracts obtained by Axa Corporate
Solutions’ local offices. “We will significantly increase our ability to monitor and
review placements made globally,” declared, Mr Nessi. “Other benefits will
include the chance to take advantage of the developing back office administration services
available on the inreon platform and a standardisation of data and processes. In short, we
expect a better managed, more effective global facultative buying process.”
Kaj Ahlmann, inreon chairman, commented: “Trading
activity on the inreon platform is now growing day by day. “The commitment made by
Axa Corporate Solutions is a clear demonstration of the impetus within the industry to
embrace this technology and make it work for reinsurance buyers and sellers alike. We
firmly expect other major insurance groups to follow Axa’s lead. “For inreon’s part
we will be adding new products and enhancing existing ones to satisfy the needs of Axa
Corporate Solutions and our other buyers.” Mr Nessi will join the Board of inreon as a director.
Axa Corporate Solutions brings together the full range of
skills and resources required to service the needs of multinational firms operating in all
business sectors, insurance and reinsurance companies and players in specialised markets
such as marine, aviation and space. Axa Corporate Solutions is a customer-driven
organisation that goes beyond the traditional role of insurance companies as capacity
providers to offer a complete range of packaged risk solutions, thereby fulfilling
clients’ needs. It is supported by the strength and financial security of the Axa Group which
ranks among the world’s leading providers of insurance and reinsurance and asset management services.
