Demonstrates Growing Use of Internet Technology to Manage Facultative Reinsurance Purchasing
NEW YORK, June 10, 2002 – eReinsure.com(TM), Inc., a
provider of e-commerce technology to the insurance and reinsurance industries, today
announced that the total number of reinsurance submissions presented on its online
negotiation platform has exceeded 5,000.
These submissions originated from four major insurers and
involve various lines of property and casualty reinsurance. Currently, 14 insurance and
reinsurance companies as well as reinsurance intermediaries use the eReinsure platform.
In response to the rapid increase in the use of the
platform, eReinsure has increased its forecast for transactions this year and now expects
to process more than 20,000 submissions in 2002.
“We couldn’t be more pleased with the response we’ve
been getting from our platform users,” said Igor Best-Devereux, CEO of eReinsure.
“There’s been a lot of talk in the industry about slow adoption of online
technologies. Here, however, we have concrete proof that major insurers are prepared to
embrace technology when it meets their needs. By negotiating reinsurance in a secure,
neutral, online environment, our insurance company customers are able to benefit from cost
reductions and improved control of facultative purchasing. This is of critical importance
in the current difficult market.”
He added, “Our platform also provides reinsurers and
brokers with a highly efficient channel of business that gives them access to `deal flow’
at very low cost. This enables reinsurers to focus resources on underwriting that might
otherwise be directed to business production.”
(www.ereinsure.com) develops Internet
technologies for reinsurance negotiation, documentation, recoveries and other functions
that support online trading, and is positioned to be a leading provider of e-commerce
technology in the insurance and reinsurance marketplace. eReinsure is located in New York
and London, and has a technology development center in Salt Lake City, Utah.