Guy Carpenter & Company, Inc., the global risk and reinsurance specialist of the Marsh & McLennan Companies, announced that its dedicated facultative reinsurance unit, GCFac, has launched STEALTH (Sabotage and Terrorism Electronic Application Linked to Hiscox).
The bulletin described STEALTH as “a new e-trading facility that allows brokers in Latin America to deal directly online with Hiscox and achieve greater cost savings. The system caters to Political Risks — Riots, Strikes, Civil Commotions and Malicious Damage, including Sabotage and Terrorism — in key Latin American markets, including Mexico, Colombia, Peru, Chile, Venezuela, Argentina and Miami.”
“The e-trading and technology climate in Latin America has developed to a point where e-insurance is now a reality,” stated Erik Lakatos, Broker at GCFac, who oversaw the launch. “We were looking for a way to apply e-trading to our facultative business, and our terrorism accounts in this market — which is smaller in premium than in the US or Europe but still has substantial volume, exposure and opportunity — seemed like the ideal place to begin. Working closely with Hiscox, what we have created is a highly flexible, user-friendly system that works seamlessly and will be of great advantage to brokers in the market.”
Guy Carpenter said: “STEALTH provides brokers with superior speed of service, ease of use and compliance, sending submissions directly to Hiscox underwriters and providing replies in as little as ten minutes. The system is also fully compliant with FSA regulations.”
“Now that we have created this e-trading facility, we will be looking to build on it and extend it to other lines and territories in due course,” added Ron Whyte, Head of GCFac Worldwide. “Eventually, we would like to be able to incorporate different risks, extend the platform’s functionality and roll STEALTH out to new territories and markets.”
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