23 Apr 2002
XL Reinsurance America Inc. to Use eReinsure.com's Online Trading Platform for Reinsurance Negotiation
Innovative Web-based Technology Provides Efficient, Cost-saving Processing
NEW YORK, April 23, 2002 - eReinsure.com, Inc., a provider of e-commerce technology to the insurance and reinsurance industries, today announced that XL Reinsurance America Inc. ("XL Re America"), a subsidiary of XL Capital Ltd, has signed an agreement to conduct reinsurance transactions with a major insurance company via eReinsure's online trading platform.
Fred Madsen, President at XL Re America, said, "We take pride in our unparalleled customer service. The eReinsure Web-based platform fits into our strategy of utilizing the latest technologies to increase productivity and enhance our customer relationships. The system is easy to use and will offer our underwriters a standardized submission format and mobile access to accounts. The neutrality of the platform allows us to confidently exchange and manage sensitive account information with our clients in a secure environment. We believe these increased efficiencies will allow us to cost-effectively deliver the high level of customer service our clients have come to expect, while maintaining our core underwriting discipline."
Using eReinsure's neutral platform, negotiating parties can efficiently share information to facilitate the transaction process. The platform, which can be easily integrated with existing internal systems, provides online trading partners with a totally secure environment in which to establish terms of agreement as well as review and manage information related to reinsurance placement. "We couldn't be more pleased to have XL Re America on board as they are known for their ability to use advanced technology to achieve their strategic business goals," Igor Best-Devereux, Chief Executive Officer of eReinsure, said. "XL Re America joins a distinguished group of companies that are using our platform to enhance client service, improve efficiency and achieve cost savings."
About XL Reinsurance America Inc.
XL Reinsurance America Inc. is a subsidiary of XL Capital Ltd, which, through its operating subsidiaries, is a leading provider of insurance and reinsurance coverages and financial products to industrial, commercial and professional service firms, insurance companies, and other enterprises on a worldwide basis. As of December 31, 2001, XL had consolidated assets of approximately $28 billion and consolidated shareholders' equity of approximately $5.4 billion. More information about the XL companies is available at www.xlcapital.com.
eReinsure, Inc. (www.ereinsure.com) develops Internet technologies for reinsurance negotiation, documentation, recoveries and other functions that support online trading and is positioned to be a leading provider of e-commerce technology in the insurance and reinsurance marketplace. The company is located in New York and London, and has a technology development center in Salt Lake City, Utah.
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Igor Best-Devereux, CEO
igor at ereinsure dot com