Entirely Web-Based System Will Manage Placements of New Reinsurer
PRINCETON, NJ--(Marketwire - October 17, 2007) - The Catastrophe Risk
Exchange, Inc. (CATEX) announced today that its Pivot Point web-based
reinsurance transaction system has been selected by RLI Re to manage
The Peoria, IL-based RLI recently formed a facultative reinsurance
division. The reinsurance division will initially focus on
underwriting property business.
"We look forward to deploying the web-based technology in our new
reinsurance operation. While this system is capable of handling a
wide range of underwriting, accounting and claims activities, we are
customizing our usage to integrate into existing RLI systems. Pivot
Point is flexible and comprehensive enough so that we can choose
different points in each process where to exit data and in what
format to meet the needs of existing corporate systems," remarked
Kevin Brawley, RLI Re President.
Frank Fortunato, CATEX CEO, said, "The combination of processes
handled by the web-based Pivot Point system gives RLI Re a lead over
others who are forced to gather data from multiple non-web based
systems -- immediacy always is an advantage for an underwriter."
The Pivot Point system is 100% web-based and allows a reinsurer to
manage their entire placement, contract, claims, premium and
accounting functions on line in a real time environment. The system
also provides real time management information tools that permit a
risk bearer to instantly review experience information and other data
for specific clients or by specific location.
Pivot Point is currently being used by brokers, underwriters and
managing agents in 17 countries and has been deployed in four
languages. The system currently processes transactions in over fifty
About CATEX: www.catex.com
CATEX is a leading provider of web-based trading and back-office
services to the international insurance and reinsurance market. The
Pivot Point platform, a completely web-based insurance and
reinsurance management system, is the company's flagship service.
Over 100 different syndicates, insurers, reinsurers, and brokers
conduct business on Pivot Point daily. CATEX develops its systems
exclusively using Microsoft technology. CATEX operates the CATEX
Global Exchange, a web-based reinsurance marketplace. CATEX also
operates CATEX TV (www.catextv.com) which provides daily live news
for the reinsurance industry. The company has been in operation since
1994 and has offices in Princeton, NJ and London.
About RLI: www.rlicorp.com
RLI, a specialty insurance company, offers a diversified portfolio of
property and casualty coverages and surety bonds serving "niche" or
underserved markets. RLI operates in all 50 states from 25 office
locations. The company's talented associates have delivered
underwriting profits in 26 of the last 30 years, including the last
11. RLI's insurance subsidiaries -- RLI Insurance Company, Mt. Hawley
Insurance Company and RLI Indemnity Company -- are rated A+
"Superior" by A.M. Best Company and A+ "Strong" by Standard & Poor's.
For additional information, contact RLI Treasurer John Robison at
(309) 693-5846 or firstname.lastname@example.org. Reinsurance inquiries may
also be directed to RLI Reinsurance President Kevin Brawley, at (203)
359-5643 or email@example.com.