Acordia RE Licenses CATEX Pivot Point Technology; January Date Set for Implementation of Web-based System.Business Editors PRINCETON, N.J.--(BUSINESS WIRE)--Dec. 10, 2003 Acordia RE, a leading reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. intermediary headquartered in Lawrenceville, N.J., and a subsidiary of Acordia, Inc., a Wells Fargo Wells Fargo armored carriers of bullion. [Am. Hist.: Brewer Dictionary, 1147] See : Protectiveness Wells Fargo company that handled express service to western states; often robbed. [Am. Hist. company, announced today that it has agreed to license a Web-based reinsurance transaction system based on the CATEX CATEX Categorical Exclusion proprietary Pivot Point Pivot Point A technical indicator derived by calculating the numerical average of a particular stock's high, low and closing prices. Notes: The pivot point is used as a predictive indicator. technology. The system is entirely Web-based and will permit Acordia RE to fully manage all aspects of its business online, any time, from any location in the world. Pivot Point technology also permits a reinsurance intermediary to offer enhanced system access to its clients and markets. Al Blanton, President of Acordia RE, commented, "The CATEX Pivot Point system will provide Acordia RE with state-of-the-art capabilities necessary to meet the servicing and reporting expectations of all reinsurance buyers in today's competitive business environment." Frank Fortunato, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of CATEX noted, "We look forward to deploying the Pivot Point technology and to working with the Acordia RE team as they continue to grow and expand their business." The CATEX Pivot Point technology is composed of an extensive range of proprietary applications and has been developed exclusively using Microsoft(R) technology. The technology can provide the full range of transaction components for a reinsurance transaction as managed by an intermediary. The technology may be customized to accommodate specific client requests or may be used in a basic version. About Acordia RE Acordia RE is a global reinsurance intermediary, offering clients a full spectrum of services to plan, design and implement comprehensive insurance, reinsurance and risk management programs tailored to meet the need for protection, capacity and stability. Acordia RE is headquartered in New Jersey, with offices in Montana, San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden , and Texas. Acordia RE operates as a subsidiary of Acordia, Inc., a Wells Fargo company. Leveraging synergy The enhanced result of two or more people, groups or organizations working together. In other words, one and one equals three! It comes from the Greek "synergia," which means joint work and cooperative action. within Acordia and Wells Fargo & Company, its goal is to be one of the leading providers of integrated reinsurance risk management services. For more information visit www.acordiare.com. About Acordia Acordia, Inc., headquartered in Chicago, Ill., is the world's sixth largest insurance brokerage and the largest bank-owned insurance broker in the U.S., with over 150 offices in 38 states. Its 4,500 insurance professionals place in excess of $6.5 billion of risk premiums with expertise in property, casualty, benefits, international, personal lines and life products. Acordia is a subsidiary of Wells Fargo & Company, a $391 billion diversified financial The diversified financial services segment includes a range of consumer and commercially-oriented companies offering a wide variety of products and services, including various lending products (such as home equity loans and credit cards), insurance, and securities and investment services company. Acordia is also a member of the HLA HLA human leukocyte antigens. HLA abbr. human leukocyte antigen HLA (human leuckocyte antigen) Global Network. HLA Global, a partnership between London-based Heath Lambert Group and Acordia, Inc., serves as the international arm of Acordia. HLA Global is one of the world's largest networks of insurance brokers, with independent brokers in over 90 nations across the world including Europe, Asia, Australia, the Middle East and Africa. About CATEX CATEX operates the CATEX Global Exchange, a Web-based reinsurance marketplace, and develops and licenses award winning trading and back office systems for the reinsurance industry. The company has been in operation since 1994 and has offices in Princeton, N.J. and London. |
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