LONDON, September 21st, 2006 – eReinsure.com, Inc., a provider of e-commerce technology to the insurance and reinsurance markets, today announced that Ascot Underwriting, a leading London insurer and reinsurer, has contracted to use the company’s online platform for reinsurance negotiation.
Martin Reith, Chief Executive Officer of Ascot commented: “Since our launch, Ascot has been defined by a new approach to the business. We take pride in being a pioneer in improving the ways an underwriting business is run. We see eReinsure as a successful example of how electronic trading can benefit the market and we’re delighted to be a participant in this initiative.”
Igor Best-Devereux, CEO of eReinsure, said, “We’re very pleased to be working with Ascot. There’s a tremendous amount of work underway in the London market to introduce process improvement technology and we are excited at the interest being shown in our proven system. The eReinsure platform is a win/win solution – providing process control, management information and distribution benefits to all participants. Especially relevant to the London market are the opportunities to integrate with our customers using our system’s XML integration capabilities.”
Since its release 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 100,000 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 helping to ensure contract certainty at inception of the reinsurance.
Ascot Underwriting Ltd (www.ascotuw.com) commenced trading in 2001 and has grown quickly to become one of the leading businesses operating at Lloyd’s. Rated A+ by A.M. Best, it is AM Best’s most highly rated Lloyd’s business. The main Syndicate classes are Property, Energy, Specie & Fine Art, Cargo, Terrorism, War & Political Risks, Marine Hull/War/Liabilities and Excess of Loss Reinsurance. Ascot is backed by AIG.
eReinsure.com Inc. (www.ereinsure.com). develops Internet technologies for reinsurance negotiation, documentation, and other functions that support process efficiency, compliance and management information. The company is located in New York and London, and has a technology development center in Salt Lake City, Utah, USA.