AutoFac Casualty System Launched; New web-based application streamlines the placement of casualty reinsurance.Business Editors American Re-Insurance Company announced it has launched AutoFac(R) Casualty, a web-based commercial umbrella system that streamlines the placement of casualty 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. . AutoFac(R) is a unique quotation QUOTATION, practice. The allegation of some authority or case, or passage of some law, in support of a position which it is desired to establish. 2. Quotations when properly made, assist the reader, but when misplaced, they are inconvenient. , bordereau bor·de·reau n. pl. bor·de·reaux A detailed memorandum, especially one that lists documents or accounts. [French, probably from bord, edge, margin, from Old French bort and management information system developed by American Re, which allows users to obtain quotes and bind their risk in minutes. It supports standard umbrella, mini umbrella, excess and buffer for general liability, auto liability and other casualty products. "AutoFac(R) provides a win/win situation. With this system, we are able to improve service to clients while reducing our overall underwriting Underwriting 1. The process by which investment bankers raise investment capital from investors on behalf of corporations and governments that are issuing securities (both equity and debt). 2. The process of issuing insurance policies. expenses, as well as the clients' transactional expense," said Kevin Davidson, President of American Re Direct Facultative facultative /fac·ul·ta·tive/ (fak´ul-ta?tiv) not obligatory; pertaining to the ability to adjust to particular circumstances or to assume a particular role. fac·ul·ta·tive adj. 1. , a strategic business unit of American Re-Insurance Company. The AutoFac(R) Casualty system offers users many efficiencies and benefits, including: -- Multiple layer pricing with customized minimum premium settings -- The support of individual state rates, with immediate updates -- Reporting and document capabilities, including monthly premium bordereaus, account profiles, policy transactions, renewal listings, quote and binder letters, customized declaration pages and schedules of underlying. -- Pricing consistency, from using premium as the base and using the same risk features for each placement. -- Easy premium calculation, allowing users to provide more responsive service to their customers -- Documented special acceptance workflow, which saves time by not having to contact an underwriter -- A secure internet environment The AutoFac(R) Property Excess system was released in December 2001. Tailored to a client's reinsurance agreement, the AutoFac(R) Property Excess system provides the ability to quote, bind, endorse To sign a paper or document, thereby making it possible for the rights represented therein to pass to another individual. Also spelled indorse. endorse (indorse) v. and cancel risks that have both single and multiple locations. Additionally, using the Account Profile report, a client can get a clear picture of their book of business for any give time period. "We had many requests for a web-based AutoFac(R) system. Because of its cost-effectiveness, we have seen an increase in our customer base because we can now provide a more robust online system to a larger number of Casualty and Property Excess program clients," Kevin Davidson said. American Re Corporation, 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, is one of the leading providers of reinsurance in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . Through its subsidiaries, it writes treaty and facultative reinsurance, insurance, and provides related services to insurance companies, other large businesses, government agencies, pools and other self-insurers. It has received the highest insurance ratings from A.M. Best Company, Moody's and Standard & Poor's. The Munich Re Group, whose business also includes primary insurance and asset management, has a preeminent pre·em·i·nent or pre-em·i·nent adj. Superior to or notable above all others; outstanding. See Synonyms at dominant, noted. [Middle English, from Latin prae position in the global reinsurance industry. It is headed by Munich Reinsurance Company of Munich, Germany, and includes reinsurance subsidiaries, branches, service companies and liaison offices in more than 60 locations worldwide, serving insurers in more than 150 countries. |
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