AIG Signs On With eReinsure For Fac

By Lisa Howard

NU Online News Service, Aug 20, 3:00 p.m. EDT---American International Group will implement the eReinsure system for its facultative reinsurance buying, which provides it with a tool for the management of reinsurance placements plus a centralized oversight of what reinsurance is being bought and from which companies.

"The adoption of our platform by AIG member companies shows that buyers of reinsurance recognize significant value in negotiating and binding transaction using web-enabled technology," said Igor Best-Devereux, chief executive officer of the Salt Lake City-based eReinsure.

eReinsure is a platform that provides a ceding company with online reinsurance negotiation capabilities and also decision support.

"eReinsure is a natural complement to the global reinsurance system strategy that has been underway at various member companies of AIG," according to Chris Milton, senior vice president for reinsurance at the New York-based AIG, in a statement issued by eReinsure. "The market has needed this type of technology to reduce transaction cost and improve management information." (See more comments from Mr. Milton in an article on this page.)

Paul Henrod, president of eReinsure, said the eReinsure system has been under evaluation by select divisions of AIG for over 12 months. "We have demonstrated the robustness and value of our system and worked with various AIG member companies to ensure that it meets their demanding quality standards," he added.

"We are especially excited about the leading role that American Home and AIG Risk Management have taken with respect to the ACORD standards for reinsurance," he said in the statement from eReinsure. "Our work with them on these initiatives will result in streamlined processing as we exchange XML messages between the eReinsure system, AIG's member companies and their reinsurance partners."

eReinsure also provides a facultative reinsurance platform for Chubb Insurance Companies and Fireman's Fund. Mr. Best-Devereux told National Underwriter that other ceding companies are currently conducting trials.

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AIG Signs On With eReinsure For Fac

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