SOURCE: CATEX

CATEX - Reinsurance Software & Solutions

January 06, 2010 04:00 ET

Chedid & Associates Licenses CATEX Pivot Point 2.0 Reinsurance Software

Single Software Platform Will Support All Chedid Operations

PRINCETON, NJ--(Marketwire - January 6, 2010) - CATEX Solutions announced today that Chedid & Associates, one of the largest and fastest growing insurance and reinsurance brokers in the Middle East, North Africa, GCC countries (Bahrain, Saudi Arabia, Oman, Kuwait, Qatar and the United Arab Emirates) and parts of Europe, has licensed the Pivot Point 2.0 reinsurance software platform to operate all of its reinsurance intermediary, including treaty and facultative reinsurance, and direct insurance broking operations globally. All risk related components of Chedid's distinct operations will be managed simultaneously by the Pivot Point 2.0 software platform. Pivot Point is web-based insurance and reinsurance software for brokers and managing agencies developed and hosted by CATEX Solutions from its offices in London, U.K. and Princeton, New Jersey.

"We place enormous value on our new relationship with this highly-regarded broking firm," said Tom Bailey, Managing Director, Europe of CATEX Solutions. "Chedid was looking for a proven solution to support its ambitious plans. Chedid's selection of Pivot Point underscores how our innovative web technology can support diverse, global broking operations from a single, integrated software platform. Being a proven web-based system, Pivot Point gives Chedid the option to centralize functions or to manage its placement and clearing in a distributive manner. "

Frank Fortunato, co-CEO of CATEX Solutions, observed, "Typically an announcement such as today's would have required Chedid to license separate systems from different vendors. But since Pivot Point 2.0 uses one central database for reinsurance broking, direct broking and all of its transactional processes, Chedid gains the advantage of a single system managing its entire operation. And unlike other systems, Pivot Point allows the client the option to not surrender control of local placement, payments and claims management to a faraway IT call center thousands of miles away. Operational management can be local, if desired, while closely overseen by group headquarters to achieve the perfect balance between efficiency and client service. Chedid grasped this fact immediately. "

The diversity of Chedid 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 Chedid & Associates:

Founded in 1998, Chedid & Associates now operates five regional offices in Cyprus, Greece, United Arab Emirates, Lebanon, Qatar and soon in Saudi Arabia. Chedid & Associates offers comprehensive insurance and reinsurance solutions to over 170 insurance firms and corporations in the Middle East, Africa and Europe.

About CATEX Solutions:

The Catastrophe Risk Exchange, Inc (CATEX) 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.

Contact Information

  • For more information visit us at www.catex.com or contact:

    CATEX Europe
    Tom Bailey
    Managing Director
    Email Contact
    +44 207-663-5656

    CATEX Head Office
    Frank Fortunato
    Co-Chief Executive Officer
    Email Contact
    +1 609-683-0888