"By passing the 1000th trade mark CATEX has reached another significant operational milestone," said CATEX CEO Frank Fortunato. "The explosion of users accessing our global market through CATEX developed portals is proving that companies want to maintain their own underwriting standards and access a free market rather than hand over proprietary underwriting data formatted to a rigid data standard controlled by others," continued Fortunato. "As of today there are 17 different postings requesting quotes for reinsurance from 17 different companies on our main Global Market board," said Fortunato.
"Aside from the Global Market the business transacted on these private trading exchanges is not visible on the main CATEX System, but these companies are utilizing turnkey Internet trading platforms closely linked to the global market," said CATEX COO Frank Sweeney. "CATEX is clearly moving beyond its established role as a market of last resort to a supplier of efficient trading tools for the industry's "core" reinsurance business," continued Sweeney.
CATEX has seen a sharp increase in company specific business being placed through proprietary and cross-domain systems. By using such systems CATEX allows companies to deploy turnkey Internet trading systems under their control and with customized branding and underwriting requirements built in. The systems are connectable to the CATEX Global Market at the election of the client.
A total of US $6.5 billion in insured limit has been bound through CATEX systems, which represents over US$ 822 million in premium. Business bound on CATEX systems includes treaty business, facultative coverage and other lines of reinsurance. Parties to transactions reported on CATEX Systems include 67 reinsurers, 16 intermediaries and over 200 ceding companies including Fortune 500 companies.
CATEX users indicate that they are realizing cost efficiencies from managing data, structured to their chosen formats, and then carrying these structures through the risk-life cycle. The CATEX Premium and Claims Settlement System provides for this data management by functioning as an independent web-enabled system licensed by a company or accessed via a CATEX Trading System.
CATEX is licensed by the New York Insurance Department as a reinsurance intermediary that acts in a neutral capacity. The company was founded in 1995 and has offices in Bermuda, Box 365 at Lloyds in London and Princeton, NJ. More information about the company may be found at www.catex.com.