The Alea Group Joins ACORD

April 12, 2002

The Alea Group has joined ACORD, the global insurance standards body, to participate in defining e-commerce standards for the international Insurance and Reinsurance sector.

Alea’s aim is to contribute to, and support, ACORD’s efforts to develop and deploy standards, using the computer language XML to enable messaging structures between trading partners for use in the Global Insurance and Reinsurance industry.

Stephen Cane, CEO, Alea London, Executive Vice President of the Alea Group and Chairman of the International Underwriting Association stated, “We welcome the opportunity to collaborate with ACORD, it’s member organizations and our trading partners to assist in the enabling of e-commerce within the International Insurance and Reinsurance Industry. We recognize the need to be at the forefront of changes in the way we conduct our business processes and fully intend to take advantage of every opportunity to move forward, by using the latest technology available, together with coordinated data standards.”

Gregory Maciag, president and CEO of ACORD, noted that the company is pleased to see The Alea Group join ACORD and help drive implementation of the reinsurance standards. “The leadership Alea has demonstrated in the e-commerce arena is an example of their recognition of the need for standards on a global basis. We look forward to working with them.”

Tim Riley, CIO, The Alea Group added, “Joining ACORD was a logical step for Alea. Our underwriting system utilizes XML as its core data communication; thus by adopting ACORD’s standards we will be able to interface effortlessly with our key business partners. ACORD has a tremendous amount of value to offer the insurance industry by the seemingly simple act of giving everyone a common language for communication.”

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