London-based insurance broker Benfield said one of its subsidiaries had its contract to administer the federal Terrorism Risk Insurance Program (TRIP) renewed after an extensive and competitive process.
Minneapolis-based Paragon Strategic Solutions, a consulting firm to the property-casualty insurance and reinsurance industry had its contract to administer and be the statistical agent for the TRIP program renewed by the U.S. Treasury Department.
Paragon was first selected in 2004 to provide the Treasury Department with services to manage and activate the program in the event of claims from the terrorist attack.
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