25 Feb 2002
Swiss Re to use eReinsure.com for Online Reinsurance Negotiation
Online Trading Platform to Improve Efficiency and Reduce Transactions Costs
NEW YORK, Feb. 25, 2002 - eReinsure.com, Inc., a provider of e-commerce technology to the insurance and reinsurance industries, today announced that Swiss Re, one of the world's leading reinsurers, has contracted to use the company's online platform for reinsurance negotiation.
James Low, Senior e-Business Manager at Swiss Re, said, "The eReinsure platform allows us to use technological innovation to more effectively manage the reinsurance process so that we can better serve our clients. The design of the platform demonstrates eReinsure's in-depth understanding of this complex process and works well within the framework of established business practices."
eReinsure's neutral platform enables all parties to a reinsurance transaction to efficiently share information and document agreements, resulting in smoother transactions and substantial cost savings. Online trading partners are able to establish terms of agreement, review and manage information related to reinsurance placement and provide XML integration with existing internal systems in a totally secure environment.
"We are delighted that Swiss Re will begin using our platform," Igor Best-Devereux, CEO of eReinsure, said. "Given the enthusiastic response by users in the trials we've been conducting, we are convinced that it's only a matter of time when the entire industry will be negotiating reinsurance contracts online."
About Swiss Re
Swiss Re is one of the world's leading reinsurers with over 70 offices in more than 30 countries. In the 2000 financial year, gross premium volume amounted to CHF 26.1 billion (USD 15.4 billion) and the net income after tax reached CHF 3 billion (USD 1.8 billion). Swiss Re is rated "AAA'' by Standard & Poor's, "Aaa'' by Moody's and "A++'' (superior) by A.M. Best.
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
Contact for Swiss Re:
Swiss Re Corporate Communications