Two global reinsurance brokerages are joining forces to advance the development of a reinsurance placement platform. Willis Re is joining with TigerRisk Partners LLC to further develop the globalREmarket (formerly named X-gRm) technology.
The pair have formed a new third-party company, RePlace Holding LLC, which will advance the development of the reinsurance placement platform.
The electronic reinsurance placing platform provides a single, secure repository for reinsurance markets to receive offers and submissions on deals, and to exchange information with brokers, including exposure data, analytics and terms and conditions.
Rod Fox, TigerRisk CEO, commented; “We are extremely pleased to announce this initiative. This has been an important mission for us over the last several years. Since the launch of globalREmarket in 2015, all TigerRisk business has been transacted through the platform and it’s proven hugely successful with our markets. Close to 1,000 users from over 200 reinsurance carriers are using the platform to see our business.”
Jayant Khadilkar, Global Head of Analytics and Technology for TigerRisk, added; “Providing information via multiple emails and FTP sites is inefficient and antiquated. It’s time the reinsurance industry pounced on digitization to deliver a better, faster product for the ultimate benefit of clients. We are proud to be at the forefront of that evolution.”
Willis Re said that it has a controlling interest in the third party company RePlace Holding LLC with TigerRisk.
John Cavanagh, Global CEO of Willis Re, said; “All savvy businesses in today’s world are looking to harness the technology advantage. For Willis Re, digitization of our placement process, in support of face-to-face negotiation, will create greater security, transparency and efficiency for the way we communicate with markets.
“globalREmarket absolutely presents the best technology available to do this. Once further developed, it will improve the ease, speed and quality of our reinsurance transaction processes, and enable more focus on value-add services for the benefit of markets, for our clients, and for our own business.”