New Bermuda reinsurance start-ups Axis Specialty and Montpelier Re have joined the industry's Internet trading platform inreon.com. The innovative nature of the Bermudian reinsurance market is thought to be ideally suited to the opportunities offered by on-line reinsurance trading, says Inreon. Dick Blum, Vice Chairman of Axis Specialty, commented: “Bermuda has a reputation for being in the vanguard of industry developments and Axis’s participation on the inreon platform is just another example of this.”
A growing number of global reinsurance groups, says Inreon, have identified the Internet as a key channel for receiving 2002/3 renewal business. Recent weeks have seen a significant number of reinsurers commit to serving clients on-line via the inreon trading system.
“With the world’s two largest reinsurers as principal shareholders Inreon has always enjoyed significant support from the reinsurance community,” explained Kaj Ahlmann, Chairman and Chief Executive Officer of Inreon. “But now that support has greatly expanded to include a much greater range of international groups. It clearly demonstrates the independent, market-wide nature of the platform and its comprehensive global reach.”
In total there are 21 reinsurers supporting the Inreon trading platform that, together, represent more than 50% of capacity available from the world’s top 25 groups. Reinsurance members pay an annual group subscription fee of US$30,000 for an unlimited number of users. Alternatively members may elect to pay a US$50,000 subscription fee over time as transactions are completed. The deferred fee is paid through a 50% transaction fee surcharge.
Inreon provides insurance companies, brokers and professional reinsurers with transaction capabilities for standardised reinsurance covers. Risks are traded within pre-defined processes and within pre-agreed timeframes. Inreon was launched in December, 2000, with an initial capital of US$37.5m, shared by founding partners Munich Re, Swiss Re, Internet Capital Group and Accenture.
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