Facultative Liability Added to inreon Product Range
London, UK (Sept. 5, 2002) – inreon, the Internet-based reinsurance trading platform, has responded to the industry crisis in liability insurance by launching a new online product to help buyers obtain the cover they need.
Reinsurance buyers can now purchase facultative liability cover via the platform from a panel of blue chip reinsurers. This additional product feature provides brokers and insurers with a fast and effective method of accessing potential new trading partners.
“We have chosen liability as our latest product offering in response to strong client demand,” commented Kaj Ahlmann, Chairman and Chief Executive Officer of inreon Our ongoing consultations with major insurance and reinsurance groups have revealed a clear support for trading this cover online.”
The inreon liability product consists of standard general liability and products liability cover together with a range of possible extensions and sub limits for territories where these may be required. Cover for employers liability, product guarantee, product recall, pure financial loss and loss of use may all be added to the basic product. It is currently available in Europe, United States, Korea and Taiwan.
The expansion of inreon’s product offering comes as the industry faces a global crisis over the cost and availability of liability cover. During the hard market buyers of liability cover have been those hardest hit by rate rises while in the UK urgent talks have been held between the government and insurance industry representatives about the future provision of affordable cover.
Mr Ahlmann added: “Given the current climate I believe this new product will be warmly welcomed since one of the major advantages of trading via inreon is the ability to access new trading partners in an efficient manner and at minimal cost.”
Liability is inreon’s second facultative product offering, joining property which has been available since the launch of the platform. Two treaty products are also traded online: European Catastrophe excess of loss and Industry Loss Warranty (ILW) – an indexed catastrophe cover available in the United States.
There are no charges for reinsurance buyers when registering for or using the platform. Reinsurers pay an annual group subscription fee plus a transaction fee which for liability is 2.0% of gross reinsurance premium.
inreon Provides Exclusive Access to Leading Reinsurance Capacity
LONDON – September 5, 2002. Leading reinsurers will once again be using the inreon reinsurance platform to offer access to top-rated property catastrophe capacity during the upcoming renewal season. Among those companies actively supporting the Internet-based trading system is Geneva-based New Re where dedicated staff and resources have been allocated to handle business transacted online. A significant part of the reinsurer’s capacity will be available exclusively in this way while pricing will reflect both appropriate rating and the efficiency of inreon transactions.
As well as New Re many other members of inreon’s blue chip panel of reinsurers will also be offering catastrophe capacity through the platform. These include Converium, Gothaer Re, MAP Syndicate at Lloyd’s, Munich Re, Partner Re, RenaissanceRe, SCOR and Swiss Re.
“We are fully committed to transacting a significant proportion of our European catastrophe business via the inreon platform this renewal season,” declared Armin Pröfrock, Managing Director and Chief Executive Officer of New Re. “The system will enable us to support new markets and new clients. But we will also be looking to accept a significant proportion of renewal business from existing clients in this manner.”
As well as European property catastrophe cover, the inreon cat XL product will this renewal season also be available for risks in Israel, and Taiwan. Last year a similar ‘Cat sale’ hosted by the platform encouraged a number of new reinsurance buyers to join the platform. In the months leading up to January 1, 2003 renewals an even greater number of underwriters will be ready to respond to submissions for cover. It is expected that rates will reflect the cost structure of online trading which offers considerable savings in comparison to traditional off-line transactions.
“With the continuing hard market conditions I expect this offer of exclusive capacity to be a major attraction,” commented Kaj Ahlmann, Chairman and Chief Executive Officer of inreon. “In using the platform reinsurance buyers will be able to ease the pressure of the renewal season by accessing potential trading partners in a simple, straightforward manner. We will be providing comprehensive support and training for all interested parties in order to maximise the submissions forwarded to our panel of reinsurers.”
When using the inreon platform reinsurers pay an annual group subscription fee plus a transaction fee which for catastrophe cover is 2.0% of gross reinsurance premium. But for reinsurance buyers – both primary insurance groups and brokers – there are no charges when registering for or using the platform.
Tags: Munich Re, reinsurance, RenaissanceRe, Swiss Re
