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 theeReinsure system for its facultative reinsurance buying, whichprovides it with a tool for the management of reinsuranceplacements plus a centralized oversight of what reinsurance isbeing bought and from which companies.

|

"The adoption of our platform by AIG member companies shows thatbuyers of reinsurance recognize significant value in negotiatingand binding transaction using web-enabled technology," said IgorBest-Devereux, chief executive officer of the Salt Lake City-basedeReinsure.

|

eReinsure is a platform that provides a ceding company withonline reinsurance negotiation capabilities and also decisionsupport.

|

"eReinsure is a natural complement to the global reinsurancesystem strategy that has been underway at various member companiesof AIG," according to Chris Milton, senior vice president forreinsurance at the New York-based AIG, in a statement issued byeReinsure. "The market has needed this type of technology to reducetransaction cost and improve management information." (See morecomments from Mr. Milton in an article on this page.)

|

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

|

"We are especially excited about the leading role that AmericanHome and AIG Risk Management have taken with respect to the ACORDstandards for reinsurance," he said in the statement fromeReinsure. "Our work with them on these initiatives will result instreamlined processing as we exchange XML messages between theeReinsure system, AIG's member companies and their reinsurancepartners."

|

eReinsure also provides a facultative reinsurance platform forChubb Insurance Companies and Fireman's Fund. Mr. Best-Devereuxtold National Underwriter that other ceding companies arecurrently conducting trials.

Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.