Converium Holding Ltd. Signs Agreement to Use eReinsure.com-TM- Online Reinsurance Negotiation Platform.Business & Insurance Editors NEW YORK--(BUSINESS WIRE)--April 15, 2002 Demonstrates 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. Industry's Growing Use of Internet Technology to Negotiate and Manage Transactions eReinsure.com, Inc., a provider of e-commerce technology to the insurance and reinsurance industries, today announced that Converium Holding Ltd. will use the eReinsure online negotiation platform to negotiate and manage transactions. Converium's decision to embrace this technology platform underscores the growing acceptance of Internet technology by the reinsurance industry to more efficiently conduct business. Andrei Chivvis, Global Head of Converium IT, said, "Even though the reinsurance industry has long recognized the potential cost and efficiency benefits of conducting business online, a comprehensive, user-friendly solution that addresses the complexity of established business practices has been elusive. Combining a detailed knowledge of the way we transact business with state-of-the-art technology, eReinsure has created a secure, neutral, online negotiating platform that allows all parties involved in the transaction to more efficiently share and manage information, which will result in smoother transactions and substantial cost savings." The eReinsure platform is designed to enable users to communicate with their trading partners, establish the terms of reinsurance agreements, review and manage information related to reinsurance placement and provide XML XML in full Extensible Markup Language. Markup language developed to be a simplified and more structural version of SGML. It incorporates features of HTML (e.g., hypertext linking), but is designed to overcome some of HTML's limitations. integration with existing internal systems. The system automatically tracks each element of a transaction, removing any future uncertainty regarding agreements reached by the parties involved. Igor Best-Devereux, 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 eReinsure, said, "Online trading Online Trading Making trades via the Internet. Notes: The use of online trading increased dramatically in the mid to late 1990's with the advent of high-speed computers and Internet connections. Stocks, bonds, options, futures, and currencies can all be traded online. and negotiation of reinsurance contracts is the future of this industry. We are very pleased that Converium has chosen to make use of our platform to help them achieve their strategic business goals." About Converium Holding Ltd. Converium Holding Ltd. is a leading global professional 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. whose business operations Business operations are those activities involved in the running of a business for the purpose of producing value for the stakeholders. Compare business processes. The outcome of business operations is the harvesting of value from assets are recognized for innovation, professionalism and service. Converium offers a full range of traditional non-life and life reinsurance products as well as innovative solutions to help our clients to manage capital and risk. Converium is rated "A+" (Strong) by Standard & Poor's, "A" (Excellent) by A.M. Best and "A1" (Good) by Moody's. Converium is organized around four business segments consisting of our three non-life operations, Converium Zurich, Converium North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. and Converium Cologne, as well as Converium Life. About eReinsure eReinsure, Inc. (www.ereinsure.com) develops Internet technologies for reinsurance negotiation, documentation, recoveries and other functions that support online trading and is positioned to be a leading provider of e-commerce technology in the insurance and reinsurance marketplace. The company is located in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of and London, and has a technology development center in Salt Lake City, Utah For ships of the United States Navy of the same name, see . Salt Lake City is the capital and the most populous city of the U.S. state of Utah. The name of the city is often shortened to Salt Lake, or its initials, S.L.C. . |
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