To operate its reinsurance intermediary, including treaty and facultative reinsurance and direct insurance broking operations
Catex Solutions said that Chedid & Associates, an insurance and reinsurance brokers in the Middle East, North Africa, GCC countries and parts of Europe, has licensed the Pivot Point 2.0 reinsurance software platform to operate its reinsurance intermediary, including treaty and facultative reinsurance, and direct insurance broking operations.
Catex said that all risk related components of Chedid’s distinct operations will be managed simultaneously by the Pivot Point 2.0 software platform.
According to Catex, the Pivot Point’s functionality includes document production capability; transaction processing for cross-currency, offset and multi-lingual transactions; extranet access for trading partners; expansion of retail broking capabilities; and reporting tools.
The Pivot Point platform, including the Pivot Point 1.0 System version, currently supports client operations in 25 countries; processes premium volumes of more than USD $4bn annually; settles transactions in 75 currencies; and distributes invoices in 12 languages, the company said.
Tom Bailey, managing director at CATEX Solutions, said: We place enormous value on our new relationship with this highly-regarded broking firm. Chedid was looking for a proven solution to support its ambitious plans.
“Chedid’s selection of Pivot Point underscores how our innovative web technology can support diverse, global broking operations from a single, integrated software platform. Being a proven web-based system, Pivot Point gives Chedid the option to centralize functions or to manage its placement and clearing in a distributive manner.