CATEX, the international reinsurance intermediary, which pioneered the trading system employed by insurers to exchange risks over the Internet, announced that the 1000th deal using its facilities occurred Tuesday night.
CEO Frank Fortunato characterized it as reaching “another significant operational milestone.” He pointed out that the increasing use of CATEX developed portals was evidence that companies were beginning to recognize the underwriting advantages of access to a free market rather than handing over risk placements to others.
He said that there were currently 17 different postings seeking reinsurance quotes from the companies listed on its Global Market board.
The CATEX announcement indicated that a total of $6.5 billion had been bound through its systems for a total of $822 in premium from treaty business, facultative coverage and other lines of reinsurance.
Was this article valuable?
Here are more articles you may enjoy.
Insurers Hike Rates as Extreme Storms Like Beryl Proliferate 
AIG Files Amended Suit Against Former Execs, Dellwood Insurance 
Allstate Seeking 34% Rate Hike on California Homeowners Insurance 
US P/C Underwriting Results: Two Years in a Row Over $20 Billion in the Red 
