SOURCE: CATEX

CATEX

September 22, 2014 10:44 ET

International Financial Services Firm US RE Licenses CATEX Pivot Point System

NEW YORK, NY and PRINCETON, NJ--(Marketwired - Sep 22, 2014) - The Catastrophe Risk Exchange, Inc. (CATEX) and US RE announced today that US RE has licensed the CATEX Pivot Point Transaction System. US RE will implement Pivot Point worldwide within its reinsurance brokerage operation. 

Pivot Point training is set to begin later in September and both US RE and CATEX said that they expect full system deployment by the end of October.

The Pivot Point Reinsurance Transaction System is a web-based transaction system encompassing placement, contract negotiation, binding, billing, accounting, claims, MI and the Data Vera conversion and analytics application. Premiums, endorsements, claims and reinstatements can be netted in a single transaction to allow for quick premium and claims payments on the SaaS system.

CATEX was again named Best Technology Provider by Intelligent Insurer magazine on September 14th at the annual reinsurance Rendezvous in Monte Carlo. CATEX earned the same designation in 2013.

Marc Piccione, U.S. RE SVP, said, "We have always put top priority on providing clients with the best analytics and service capabilities available, and our partnering with CATEX is a perfect fit with that mindset. Our clients will enjoy an even higher level of efficient transaction processing and immediate access to important client data on a 24/7 basis."

Frank Fortunato, CATEX CEO, said, "We look forward to working with the US RE team, many of whom we have known for 20 years. We are in the process of beginning training and implementation in the US and are being introduced to their overseas partners."

The Pivot Point platform currently supports client operations in 20 countries, processes premium volumes of more than USD $4.5 billion annually, settles transactions in 75 currencies, and distributes invoices in 6 languages. The CATEX Data Vera product, used on CATEX systems, greatly improves the accuracy and speed of risk information uploads and provides real-time analytics and reporting production.

CATEX has been providing insurance and reinsurance software to clients since 1994.

About US RE:

U.S. RE Corporation is an independent reinsurance broker with worldwide clients, based in NY. Since it was founded over 25 years ago, U.S. RE Corp. has served global clients with the full array of traditional reinsurance and innovative proprietary products. The Company's principal focus is to provide innovative, responsive solutions worldwide and places a high priority on product research and development. Clients benefit from some of the most sophisticated actuarial services along with advanced catastrophe and financial modeling.

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 products, Pivot Point and Data Vera, are Microsoft .NET based solutions that provides placement and contract management, fiduciary accounting and ledger control, claims management, multi-currency settlements, bordereau processing, document management, MI reporting functionalities and data conversion and analysis. CATEX has been operating since 1994 and is licensed by the New York Insurance Department as a reinsurance intermediary that acts in a neutral capacity. In 2013 and 2014 Intelligent Insurer magazine named CATEX "Technology Provider of the Year" at the annual Rendezvous in Monte Carlo. For more information, visit us at www.catex.com, or follow us on Twitter at https://twitter.com/catextv.

Contact Information

  • CATEX Contact:
    Frank Fortunato
    CEO
    CATEX
    Email: Email Contact
    Phone: US 609-683-0888

    Tom Bailey
    Chairman
    CATEX Europe
    Email Contact
    +44 (0)207-816-2691

    US RE Contact:
    Marc Piccione
    Senior Vice President
    U.S. RE Email: Email Contact
    Phone: US 845-920-7145