Online Reinsurance Exchange Adds Members.An online reinsurance Reinsurance The process of insurance companies insuring underwritten policies with other institutions in order to offset exposure.Notes: This procedure is used by insurance companies to reduce outright risks associated with underwritten policies by spreading risks across alternative institutions. It's like buying an insurance policy for an insurance policy. See also: Catastrophe Bond, Life Insurance exchange launched by two leading reinsurers last year has continued to add members, most recently through the participation of Germany's Hannover Hannover. For places in Germany thus named, use Hanover. Reinsurance Co. and Zurich Re, a unit of Switzerland's Zurich Financial Services Group. Hannover Re said it would sell reinsurance capacity over Inreon, the Internet-based exchange, and write a full range of facultative 1. Capable of functioning under varying environmental conditions. Used of certain organisms, such as bacteria that can live with or without oxygen. 2. Capable of occurring along various pathways or under various conditions. Zurich Re said it would focus initially on developing catastrophe products using CRESTAplus, a reporting standard for European storm exposures. The company sees Inreon's standardized approach as a good platform for implementing the standard. Munich Reinsurance Co. and Swiss Reinsurance Co. established Inreon--which stands for "insurance meets reinsurance online"--last year to provide online-transaction capabilities for standardized reinsurance products. The platform also has drawn St. Paul Re, Wellington Underwriting plc and French reinsurer Scor as participants. |
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