UK-based Scribestar, a legal and regulatory technology company, has announced the rollout of its unique platform solution tailored for the global reinsurance and ILS (Insurance-Linked-Securities) market.
With this solution, Scribestar aims to provide a secure collaboration platform that uses automation and custom workflows to streamline the complex legal, regulatory, and administrative processes associated with documentation production, compliance, and reporting in financial markets.
Users, which include insurers, lawyers, corporate advisers and others, are to benefit from the platform’s ability to output documents in traditional, fully typeset, ready-for-publishing formats, as well as utilise the underlying structured data from transaction production in further applications, Scribestar explains.
Through trials in the reinsurance and ILS sectors, and applying its extensive experience from equity and debt markets, Scribestar – who is also a member of the London Stock Exchange Issuer Services Marketplace – has identified documentation production and compliance challenges that its technology is well-positioned to alleviate.
In 2024, a Bermuda-based reinsurer successfully deployed Scribestar platform to prepare the documentation for a Rule 144A CatBond, Scribestar noted.
The platform facilitated collaboration among lawyers, sponsors, and issuers, providing a single source of truth for inputting information, streamlining legal and admin processes, and accessing the market at the optimal time.
So far, Scribestar’s platform has been used in over 100 transactions in the United Kingdom and abroad, including all London Stock Exchange market segments.
Srinivas Suravarapu, CEO of Scribestar, commented: “We are excited to offer our unique platform for use in the ILS and reinsurance market and look forward to introducing it to issuers, lawyers, sponsors and other market participants.
“Having spoken extensively to reinsurance brokers, sponsors and the Bermuda Stock Exchange about challenges in this space, we followed it up with extensive testing, trials and integration of market rules, forms and checklists.”
He added: “We are confident that some of the best practices we have learned from capital markets can now be passed on to users in this sector by offering a secure and seamless service that brings meaningful efficiencies to their operations. We invite them to reach out to us to learn more and see the platform in action.”
