10 February 2004 – Benfield, the world’s leading independent reinsurance intermediary, today announced an agreement
with eReinsure.com Inc. to use the eReinsure technology platform to assist certain ceding companies manage the purchase of facultative reinsurance solutions in London, the United States and Asia.
Since its launch in 2001, the eReinsure platform, a neutral and secure means by which insurers, reinsurers and brokers can more efficiently communicate and quote on reinsurance submissions, has been used to handle more than 40,000 submissions for reinsurance.
It is designed to allow users to communicate, review, negotiate and manage risks and archive documents. The patent pending technology automatically tracks each step of a transaction, providing information to monitor compliance and helps to ensure contract certainty at inception of the reinsurance.
Grahame Chilton, Chief Executive of Benfield commented, “Benfield has always been a leader in using the latest technology and the eReinsure platform is a natural fit for our expanding facultative business. We are committed to implementing the latest management tools that bring real business benefits to our customers.
Igor Best-Devereux, Chief Executive of eReinsure, said, “Benfield is highly respected in the marketplace for its quality and professionalism. We are delighted that Benfield will now be using eReinsure and we believe this further demonstrates the acceptance of eReinsure as one of the leading market platform’s for communication between the buyers and sellers of reinsurance.
Benfield is the world’s leading independent reinsurance intermediary and risk advisory business. Its
customers include most of the world’s major insurance and reinsurance companies as well as Government entities and global corporations. From advising on risk management to accessing contingent capital, Benfield’s business philosophy is founded on working in partnership with its customers to enhance their success. Benfield employs over 1,700 people based in more than 30 locations worldwide. The company is listed on the London Stock Exchange under the ticker symbol BFD. www.benfieldgroup.com
eReinsure.com Inc. (www.ereinsure.com) develops Internet technologies for reinsurance negotiation, documentation, and other functions that support online communication and management information. The company is located in New York and London, and has a technology development center in Salt Lake City, Utah, USA.