SOURCE: CATEX

CATEX

November 17, 2010 12:24 ET

CATEX and 3Pillar Associates, LLC Agree on Joint Venture

System Solutions and Contingent Staffing Offered to Their Respective Clients

PRINCETON, NJ and REDMOND, WA--(Marketwire - November 17, 2010) - CATEX, a leading web-based reinsurance and insurance transaction system operator and developer and 3Pillar Associates, LLC a consulting and services company with a team of reinsurance professionals with industry leading expertise in information technology, accounts management, claims payment, and system operation and implementation, announced today that they have agreed to an arrangement that provides 3Pillar Associates with use of the CATEX Pivot Point System to service its clients.

Frank Fortunato, CEO of CATEX, said, "We have known many of the 3Pillar people for a long time and their expertise and knowledge of the reinsurance and commercial insurance business is well known." The fact that 3Pillar Associates chose the Pivot Point System is a great endorsement of our product," continued Fortunato.

Paul Fox, President, 3Pillar Associates said, "We know of no other reinsurance transaction processing system that offers such a rich functionality, an active enhancement strategy and a complete and cost-effective technology foundation. We view Pivot Point as the best solution to service our clients."

3Pillar Associates plans to provide the full complement of front and back office processes to reinsurance intermediary clients and to managing general agencies in the United States and abroad. The full array of 3Pillar Associates' operational suite will be offered through the Pivot Point System.

Ultimately, 3Pillar Associates intends to pass Pivot Point operational responsibility directly to its larger and medium sized clients while continuing to provide consulting services for them.

About CATEX:

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 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 CAEX 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.

About 3Pillar Associates, LLC

3Pillar Associates, LLC fills the short and long-term needs for flexible, unbundled resources in the global insurance industry. Its leaders are a unique collection of the most experienced professionals in insurance and reinsurance services and information technology. The firm offers consulting and contingent staffing solutions in several specialty areas including contract review, claim analyses and audits, collections, run-off support and operational reviews. Together with industry partners, 3Pillar Associates also offers extensive experience in business and technology alignment, global project delivery, project management and technology services delivery.

Contact Information

  • For more insurance visit us at www.catex.com or contact:
    CATEX Europe
    Tom Bailey
    Managing Director
    (44) 207-663-5656

    CATEX Head Office
    Frank Fortunato
    609-683-0888

    3Pillar Associates, LLC
    Paul Fox
    (206) 218-7297