TigerRisk Partners, a global reinsurance brokerage, has enlisted the help of industry peer Willis Re in developing its reinsurance placement platform, globalREmarket, which was formerly named X-gRm.
The two firms have created a third-party company, RePlace Holding, to work on the reinsurance placement platform. Willis Re will have a controlling interest in the company.
GlobalREmarket provides a unified and secure repository for various reinsurance markets, enabling them to submit and receive offers on transactions, as well as exchange information such as exposure data, analytics, and terms and conditions with brokers
“This has been an important mission for us over the last several years,” said Rod Fox, CEO of TigerRisk. “Since the launch of globalREmarket in 2015, all TigerRisk business has been transacted through the platform and it’s proven hugely successful with our markets. Close to 1,000 users from over 200 reinsurance carriers are using the platform to see our business.”
Meanwhile, Jayant Khadilkar, global head of analytics and technology at TigerRisk stressed the benefits of the new technology.
“Providing information via multiple emails and FTP sites is inefficient and antiquated,” said Khadilkar. “It’s time the reinsurance industry pounced on digitization to deliver a better, faster product for the ultimate benefit of clients. We are proud to be at the forefront of that evolution.”
“GlobalREmarket absolutely presents the best technology available to do this,” added John Cavanagh, global CEO of Willis Re. “Once further developed, it will improve the ease, speed and quality of our reinsurance transaction processes, and enable more focus on value-add services for the benefit of markets, for our clients, and for our own business.”
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