Benfield to Use eReinsure Platform for Facultative Reinsurance

February 12, 2004

Benfield, a leading independent reinsurance intermediary, announced an agreement with Inc. to use the company’s technology platform to assist certain ceding companies manage the purchase of facultative reinsurance solutions in London, the United States and Asia.

Since its launch in 2001, the eReinsure platform, a neutral and secure means by which insurers, reinsurers and brokers can more efficiently communicate and quote on reinsurance submissions, has been used to handle more than 40,000 submissions for reinsurance,” said the bulletin.

“It is designed to allow users to communicate, review, negotiate and manage risks and archive documents. The patent pending technology automatically tracks each step of a transaction, providing information to monitor compliance and helps to ensure contract certainty at inception of the reinsurance,” it continued.

Benfield CEO Grahame Chilton commented: “Benfield has always been a leader in using the latest technology and the eReinsure platform is a natural fit for our expanding facultative business. We are committed to implementing the latest management tools that bring real business benefits to our customers.”

EReinsure’s CEO Igor Best-Devereux noted: “Benfield is highly respected in the marketplace for its quality and professionalism. We are delighted that Benfield will now be using eReinsure and we believe this further demonstrates the acceptance of eReinsure as one of the leading market platform’s for communication between the buyers and sellers of reinsurance.”

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