Mexbrit Group (MXB) / Forte Underwriters and CATEX announced that following a six month development, implementation, training and data migration period, Mexbrit, a US based reinsurance intermediary and Forte Underwriters with a significant presence in Latin America, had gone live with the CATEX Pivot Point Reinsurance Transaction System.
The parties indicated that a license agreement had been agreed to earlier this year and that Mexbrit/Forte users in the company’s Miami, Mexico City, Sao Paulo, Buenos Aires and Santiago offices have been using Pivot Point for several months to process both broker reinsurance placements, and MGA placements, contract generation, accounting statements and to manage claims.
Mexbrit has three reinsurance broker operations and Forte a managing general agency operation using the Pivot Point System. The Pivot Point System accommodates both operations that share certain common data sets and are able to upwardly provide collective reporting information to Mexbrit US.
Mexbrit CEO John C. Wigg said that, "By using Pivot Point Mexbrit/Forte is able to operate both its MGA and reinsurance brokerage operations from the same system. CATEX has customized both operations to deploy Spanish, Portuguese and English as needed throughout the respective systems to meet the needs of local users."
Frank Fortunato, CATEX CEO, observed that, "Mexbrit/Forte is an ideal candidate for our Pivot Point Systems. With operations spanning four countries and two different type business entities Pivot Point is able to place them at a competitive advantage to their peers who are using local systems that aren’t integrated. We present a unified solution to Mexbrit/Forte and have developed an excellent relationship with them that will serve us both well in the future."
The Pivot Point platform currently supports client operations in 20 countries; processes premium volumes of more than USD $5.5 billion annually; settles transactions in 75 currencies; and distributes invoices in 6 languages.