Mag Re, a reinsurance broker, has licensed Catex Solutions' Pivot Point 2.0 reinsurance software platform to operate its start-up reinsurance intermediary operation, including facultative and treaty reinsurance.
The company said that it will use Pivot Point’s reinsurance functionality, including its document production capability (in Spanish and English language), transaction processing for cross-currency settlements for multiple currencies, offsetting, invoices, premium processing allowing brokers to process premium statements, extranet access for trading partners, retail broking capabilities, and reporting tools provided by the Mosaic Reporting Service developed by CATEX Solutions.
The Pivot Point platform supports client operations in 20 countries; processes premium volumes of more than $4bn; settles transactions in 75 currencies; and distributes invoices in 6 languages.
Eduardo Betancourt, CEO of Mag Re, said, By selecting the proven turn-key solution offered by the Pivot Point Reinsurance software we were able to make a strong case to our regulator and to our clients. We wanted to be certain that the solution we selected would allow us to process all of our business online globally yet maintain a strong local presence at the same time.”
Frank Fortunato, Co-CEO of Catex Solutions, said, Our Software as a service (Saas) offering has enabled Mag Re to get off to a speedy start in its new endeavor. We are pleased with how quickly we were able to configure the system and provide all the necessary training required to process all of Mag Re’s reinsurance business on our platform.