inreon, the Internet-based reinsurance trading platform announced that German broker Koenig & Reeker has become its 100th member. The company joins 81 other cedants and brokers from 17 countries across Asia, North America and Europe that have signed membership agreements in order to trade via the platform offering capacity online from a panel of 18 international reinsurers.
Koenig dates back to 1873 and provides services for all non-life treaty and facultative covers. It plans initially to use inreon’s catastrophe excess of loss and facultative property products. “We already have close, well established relationships with reinsurers which we believe can be further enhanced through our membership of inreon,” stated company head Günther Freiherr von Salza. “It will provide us with a streamlined placement process and improved management information. With 100 members the platform has clearly built a strong momentum within the industry and we are pleased to be a part of it.”
While RI3K concentrates on using technology to reduce paperwork and cut costs, inreon is the world’s principal reinsurance trading platform. Founded in 2000 by Munich Re and Swiss Re it has seen its membership grow by more than 185% during 2002. “The 100 member companies include a ‘critical mass’ of users in several individual territories,” said the company’s bulletin. In addition to the 15 brokers and cedants who are members in the U.K., inreon noted that 17 leading reinsurance buyers in Spain have joined, 6 of the largest non-life insurers in the Netherlands are members, and 7 of the top eight insurance companies in Taiwan.
“The reinsurance industry is clearly demonstrating its support for a single global exchange that allows for efficient electronic placement and administration of risk,” commented Kaj Ahlmann, inreon’s Chairman and CEO. “For the concept to succeed it has always been necessary to obtain widespread support across the market. Any e-commerce solution that is unable to attract more than just one or two sponsors and users is doomed to failure.”
“Reinsurers trading via inreon include American Re, Converium, Gothaer Re, Hannover Re, Mapfre Re, MAP Underwriting, Munich Re, Nacional de Reaseguros, New Re, Partner Re, Renaissance Re, St Paul Re, SCOR, Swiss Re and Wellington. Together this panel represents more than 50% of capacity available from the world’s top 25 groups. All quotes offered by reinsurers via the platform are binding,” the announcement concluded.
Was this article valuable?
Here are more articles you may enjoy.