American Re Joins IVANS-RINET Program.GREENWICH, Conn.--(BUSINESS WIRE)--April 9, 1997--IVANS announced today that American Re, a member of the Munich Re Munich Re AG, in German Münchener Rück AG (ISIN: DE0008430026), is the world's second largest reinsurance company with over 5,000 customers in 160 countries and has its headquarters in Munich, Germany. Group, has joined the IVANS-RINET program. The IVANS-RINET program combines RINET's EDI (Electronic Data Interchange) The electronic communication of business transactions, such as orders, confirmations and invoices, between organizations. Third parties provide EDI services that enable organizations with different equipment to connect. and 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. expertise with IVANS' electronic communication services. IVANS IVANS Insurance Value Added Network Services and RINET (Reinsurance and Insurance Network) are in partnership in the United States to facilitate the implementation of reinsurance EDI standards among reinsurers, ceding cede tr.v. ced·ed, ced·ing, cedes 1. To surrender possession of, especially by treaty. See Synonyms at relinquish. 2. companies and reinsurance intermediaries. The program offers reinsurers and brokers electronic communication benefits of both IVANS and RINET. RINET is an industry-owned, not-for-profit organization headquartered in Brussels. With the mission of improving electronic communication throughout the reinsurance industry, RINET's membership includes more than 460 organizations in 59 countries, and represents more than half of the reinsurance premium worldwide. American Re, through its wholly owned subsidiaries Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , is a direct writer of treaty and facultative reinsurance and related services. Based in Princeton N.J., it is the second largest writer of property-casualty reinsurance in the United States. American Re also is a member of the Munich Re Group, the world's largest reinsurer re·in·sure tr.v. re·in·sured, re·in·sur·ing, re·in·sures To insure again, especially by transferring all or part of the risk in a contract to a new contract with another insurance company. . IVANS, Inc. is an industry-owned, network services organization providing electronic communications services to the insurance and health care industries and related organization in the United States and Canada. There are nearly 500 participating firms and 80,000 users, including property and casualty companies; life, health and managed care organizations; agents; reinsurers and brokers; third-party administrators; industry associations; financial services firms; government entities, and parties selling and delivering services to these groups. For more information on IVANS and its products and services, visit the IVANS Web site at http://www.ivans.com. CONTACT: IVANS, Inc., Greenwich Jim Kalach, 203/532-2139 email: jkalach@ivansmail.com |
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