Inreon, the Internet trading platform for reinsurers and intermediaries founded by Munich Re and Swiss Re, announced that a “growing number of global reinsurance groups, including new Bermuda start-ups, have identified the Internet as a key channel for receiving 2002/3 renewal business.”
This in turn meant increased business for inreon, as “a significant number of reinsurers commit to serving clients on-line,” including two new Bermuda-based reinsurers, Axis Specialty, formed by Marsh’s Trident II Fund and other investors, and Montpelier Re, formed by White Mountains and Benfield Greig.
The bulletin noted the “innovative nature of the Bermudian reinsurance market” is a strong factor in the decision of many companies to embrace on-line reinsurance trading. Dick Blum, Vice Chairman of Axis Specialty, commented that, “Bermuda has a reputation for being in the vanguard of industry developments and Axis’s participation on the inreon platform is just another example of this.”
“In addition, Alea London Limited, Tokio Marine Europe and Sirius have all committed to respond to risks submitted by brokers and cedants,” said the bulletin. “The inreon platform offers a number of important advantages for reinsurers and will help Alea further improve its service to clients,” stated CEO Stephen Cane.
In another development the company noted that “Axa Re has begun supporting inreon‘s Industry Loss Warranty platform. It joins a list of more than 20 companies currently operating on the system’s first indexed catastrophe product that also includes ACE Tempest Re, Munich Re, Platinum Re, PXRE, Renaissance Re, Swiss Re Financial Products, Tokio Millennium and XL Re.”
“With the world’s two largest reinsurers as principal shareholders inreon has always enjoyed significant support from the reinsurance community,” explained Kaj Ahlmann, Chairman and CEO. “But now that support has greatly expanded to include a much greater range of international groups. It clearly demonstrates the independent, market-wide nature of the platform and its comprehensive global reach.”
The company indicated that 21 reinsurers now support its trading platform, representing “more than 50% of capacity available from the world’s top 25 groups.”
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