Inreon, the Internet trading platform launched by Munich Re and Swiss Re, announced that it has expanded its scope to offer reinsurance buyers facultative liability cover via the platform from a panel of blue chip reinsurers. It also announced plans to offer new catastrophe capacity through the platform in time for the upcoming renewal season.
“We have chosen liability as our latest product offering in response to strong client demand,” commented Kaj Ahlmann, inreon’s Chairman and CEO . The bulletin described the product as providing “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 announcement indicated the 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.” inreon’s liability coverage joins its property coverage as the platform’s second facultative product.
The company also announced that it expects to be busy during the upcoming renewal season. It noted that Geneva-based New Re planned to make a significant part of its capacity available exclusively on line. “We are fully committed to transacting a significant proportion of our European catastrophe business via the inreon platform this renewal season,” declared Armin Pröfrock, New Re Managing Director and CEO.
Converium, Gothaer Re, MAP Syndicate at Lloyd’s, Munich Re, Partner Re, Renaissance Re, SCOR and Swiss Re also participate in offering programs through inreon.
The announcement noted that, “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.”
Inreon is optimistic that as renewals are made in the coming months “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.”
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