20 Aug 2003
eReinsure System Selected by AIG Member Companies for Online Placement and Management of Facultative Reinsurance
NEW YORK, August 20 , 2003 – eReinsure, a provider of e-commerce technology for negotiating reinsurance, today announced that member companies of American International Group, Inc. (AIG) will implement the eReinsure system for facultative reinsurance buying.
Igor Best-Devereux, Chief Executive Officer of eReinsure, said, "We consider this a milestone for our company. The adoption of our platform by AIG member companies shows that buyers of reinsurance recognize significant value in negotiating and binding transactions using web-enabled technology."
Paul Henriod, President of eReinsure, pointed out that 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 said. "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; 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."
Chris Milton, Senior Vice President for reinsurance at AIG said that, "eReinsure is a natural complement to the Global Reinsurance system strategy that has been underway at various member companies of AIG. The market has needed this type of technology to reduce transaction cost and improve management information."
eReinsure, Inc. (www.ereinsure.com) develops Internet technologies for reinsurance negotiation, documentation, reinsurance recoveries and other functions that support online trading. eReinsure is positioned to be a leading provider of e-commerce technology in the reinsurance marketplace. The company is located in New York and London, and has a technology development center in Salt Lake City, Utah.
AIG is the world's leading international insurance and financial services organization, with operations in approximately 130 countries and jurisdictions. AIG member companies serve commercial, institutional and individual customers through the most extensive worldwide property-casualty and life insurance networks of any insurer. In the United States, AIG companies are the largest underwriters of commercial and industrial insurance and AIG American General is a top-ranked life insurer. AIG's global businesses also include financial services, retirement savings and asset management.
AIG's financial services businesses include aircraft leasing, financial products, trading and market making. AIG's growing global consumer finance business is led in the United States by American General Finance. AIG also has one of the largest U.S. retirement savings businesses through AIG SunAmerica and AIG VALIC, and is a leader in asset management for the individual and institutional markets, with specialized investment management capabilities in equities, fixed income, alternative investments and real estate. AIG's common stock is listed on the New York Stock Exchange, as well as the stock exchanges in London, Paris, Switzerland and Tokyo.
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Igor Best-Devereux, CEO
igor at ereinsure dot com