The Catastrophe Risk Exchange (CATEX) handled its five hundredth transaction earlier this week. The company also reports that $425 million in premium has been transferred by CATEX subscriber markets representing over $2.9 billion in limit bound by the transactions.
CATEX has begun to develop and license trading systems to subscribing companies for their own use as vertical distribution networks connected to the main CATEX system. Trading information from these systems is then reported on the main CATEX system.
Total transactions reached 100 in February 1999, jumping to 200 by late May that same year. With the deployment of the new CATEX 2000 Trading System in December, subscriber and transaction activity continued steady growth, increasing the numbers of new subscribers and transactions at the highest rates ever.
Over 170 companies have subscription agreements with CATEX.
CATEX is licensed as a reinsurance intermediary that acts in a neutral capacity for the New York Insurance Department and operates from offices in New York, London, Bermuda and Princeton, N.J. The company has been operating since 1995 and is privately held. Investors include Science Applications International Corp. (SAIC), Sculley Brothers and E.W. Blanch Holdings.
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