Penn River has entered into a partnership with Hannover Life Reassurance Company of America, the US life and health reinsurance subsidiary of Hannover Re.
The partnership will enable Penn River to launch a reinsurance addition to its ProductHub platform.
This addition to the platform gives its clients the ability to integrate with Hannover Re US to evaluate new reinsurance solutions, as well as support existing reinsurance relationships, all through one central, digital hub.
Insurance carriers will have the ability to initiate requests for new proposals or request updates for reinsurance directly from the ProductHub platform, as well as load their data and share documentation with Hannover Re US.
Tiffany Norman, SVP and Head of Annuity Solutions at Hannover Re US, commented: “Hannover Re has a track record of championing innovative solutions that bring value to all aspects of the life and annuity market, and we’re delighted to be able to help companies launch products more efficiently.
“It is evident that those who evaluate reinsurance during the product development process, or during rate updates, see the significant benefit. By integrating a reinsurance addition into ProductHub, we’re able to efficiently support existing and prospective clients on their timelines”.
David Shaw, Co-Founder and CEO of Penn River, added: “We’re excited to partner with Hannover Re US to expand ProductHub’s offerings to include reinsurance evaluations for our clients. This is a great example of how ProductHub can serve as a central hub for product launch and management, with powerful and secure workflow capabilities.”