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Press Releases
6.10.02
More than 5,000 Reinsurance Submissions Presented on eReinsure.com Online Platform
Demonstrates Growing Use of Internet Technology to Manage Facultative Reinsurance Purchasing
NEW YORK, June 10, 2002 - eReinsure.com(TM), Inc., a provider of e-commerce technology to the insurance and reinsurance industries, today announced that the total number of reinsurance submissions presented on its online negotiation platform has exceeded 5,000.
These submissions originated from four major insurers and involve various lines of property and casualty reinsurance. Currently, 14 insurance and reinsurance companies as well as reinsurance intermediaries use the eReinsure platform.
In response to the rapid increase in the use of the platform, eReinsure has increased its forecast for transactions this year and now expects to process more than 20,000 submissions in 2002.
"We couldn't be more pleased with the response we've been getting from our platform users," said Igor Best-Devereux, CEO of eReinsure. "There's been a lot of talk in the industry about slow adoption of online technologies. Here, however, we have concrete proof that major insurers are prepared to embrace technology when it meets their needs. By negotiating reinsurance in a secure, neutral, online environment, our insurance company customers are able to benefit from cost reductions and improved control of facultative purchasing. This is of critical importance in the current difficult market."
He added, "Our platform also provides reinsurers and brokers with a highly efficient channel of business that gives them access to `deal flow' at very low cost. This enables reinsurers to focus resources on underwriting that might otherwise be directed to business production."
About eReinsure
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. eReinsure is located in New York and London, and has a technology development center in Salt Lake City, Utah.
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Contact:
Paul Del Colle
Miller DeMartine Group
(203) 221-2790
pdelcolle@mdgpr.com