Winterthur Insurance, a wholly owned subsidiary of Credit Suisse First Boston, will join the Internet-based trading platform inreon for purchasing reinsurance contracts, and, according to an inreon bulletin, has already placed its first risks through the exchange.
It is the second major insurance group to join inreon following Axa Corporate Solutions in December last year. “There is now an unmistakable commitment developing among the world’s leading insurance groups,” commented Kaj Ahlmann, Chairman and CEO of inreon. “The backing of such large and prestigious companies is a crucial step in inreon’s growth.”
“Combined with the support already received from leading reinsurers we are establishing a thriving online marketplace that delivers benefits to the whole industry, Ahlmann continued.”
Inreon was created by Munich Re and Swiss Re in December 2000. It now has commitments to use its services from many of the world’s largest reinsurers, representing over 50 percent of global capacity.
It currently trades “facultative property (both proportional and non-proportional), European catastrophe treaty excess of loss and industry loss warranty (ILW),” and has plans to expand its offerings.
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