LONDON and PRINCETON, NJ--(Marketwire - July 16, 2010) - CATEX announced today that JRP Underwriting Limited, the UK and Ireland specialist property underwriter, has licensed its Bordereau Management System to operate all of its delegated authority underwriting business. The system will provide bordereau formatting; bordereau upload for underlying risk; premium and claims; and recording of all quotes and special acceptances handled directly by underwriters. All risk related components of JRP Underwriting operations will be managed simultaneously by the system. The Bordereau Management System is part of CATEX's web-based Pivot Point platform. Pivot Point is used by agents, carriers and brokers to manage insurance and reinsurance business. It is developed and hosted by CATEX from its offices in London, U.K. and Princeton, New Jersey.
"The ability that our Bordereau system affords JRP promises to place them far ahead of most of the London market," said Frank Fortunato, CATEX Co-CEO. "It's no secret that coverholder risk accounts for a third of Lloyd's business and that concerns are voiced daily in the media about the accuracy of the data supporting that tremendous volume of business," observed Fortunato. "JRP will have the ability to quickly upload all sorts of bordereau locations and manage premium, claims and experience information per specific locations."
CATEX has been marketing its Bordereau Management System worldwide since May. The CATEX Bordereau Management System permits bordereau system users to instantly upload disparate spreadsheets, documents and PDFs populated with multiple formats of location data.
The diversity of JRP operations will require full use of existing Pivot Point functionality, including its document production capability; transaction processing for complex cross-currency, offset and multi-lingual transactions; extranet access for trading partners; expansion of retail broking capabilities; and sophisticated reporting tools provided by the Mosaic Reporting Service previously developed by CATEX Solutions. The Pivot Point platform, including the Pivot Point 1.0 System version, currently supports client operations in 25 countries; processes premium volumes of more than USD $4 billion annually; settles transactions in 75 currencies; and distributes invoices in 12 languages.
About CATEX:
The Catastrophe Risk Exchange, Inc. (CATEX) www.catex.com is a leading developer of web based insurance and reinsurance software. CATEX provides software as a service to brokers, agencies and reinsurers to manage all of their Treaty, facultative and commercial insurance needs. CATEX's flagship product, Pivot Point, is a Microsoft .NET-based solution that provides placement and contract management, fiduciary accounting and ledger control, claims management, multi-currency settlements, bordereau processing, document management and comprehensive MI reporting functionalities. Pivot Point is currently deployed in 20 different countries in 6 languages. Currently over $4 billion in premiums and claims is processed on CATEX developed software. CATEX has been operating the CATEX Global Exchange since 1994 and is licensed by the New York Insurance Department as a reinsurance intermediary that acts in a neutral capacity. CATEX also provides daily reinsurance news updates for those wishing to keep up-to-date with events affecting the insurance and reinsurance industry via its CATEX TV service at http://www.catextv.com.
About JRP Underwriting
JRP Underwriting is a privately-owned underwriting agency specializing in writing commercial and residential property risks in the UK and Ireland. JRP Underwriting works in close partnership with select insurance brokers in building long-term profitable business and has a particular focus in supporting property schemes of all types. As a specialist property underwriter, JRP Underwriting has considerable experience in underwriting a wide array of premises. JRP Underwriting strives to be more flexible and responsive than other underwriters, provide fair pricing and turn around quotes on challenging cases quickly.
For more information visit us at www.catex.com or contact:
Contact Information:
CATEX Europe
Tom Bailey
Managing Director
+1 609-683-0888