November 08, 2007 11:34 ET

Kunal Patel Named Executive Vice President of CATEX

Retains CTO Role

PRINCETON, NJ--(Marketwire - November 8, 2007) - The Catastrophe Risk Exchange, Inc. (CATEX) announced today that Kunal R. Patel, currently serving as the company's Chief Technology Officer, has been appointed Corporate Executive Vice President. Mr. Patel will retain his responsibilities as Chief Technology Officer.

CATEX CEO, Frank Fortunato, said, "Kunal has been instrumental in our success to date. As we move into this next critical stage of our growth, that of integrating the functions of the web-based Pivot Point Transaction System onto the web-based CATEX Global Exchange, he will need to be able to call upon all the resources of our company."

Richard Trebble, CIO, Oxygen Insurance, a Pivot Point licensee, said, "We are delighted to hear of Kunal's deserved promotion. He is a pivotal contact, and is vital to the ongoing development of our Management Information suite. He has been key to our success with CATEX."

"I am extremely gratified by the confidence CATEX and our clients have shown in me," said Mr. Patel, "And I look forward to revitalizing the Global Exchange in this challenging market by integrating it with the Pivot Point web-based back office system."

Mr. Patel has been with CATEX since 2000 and has served as CTO since May, 2000.

About CATEX:

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 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.

Contact Information

  • Contact:

    Frank Fortunato
    609 683 0888

    Tom Bailey