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3.19.02
Converium Holding Ltd. Signs Agreement to Use eReinsure.com™ Online Reinsurance Negotiation Platform
Demonstrates Reinsurance Industry's Growing Use of Internet Technology to Negotiate and Manage Transactions
NEW YORK, April 15, 2002 - 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 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 of eReinsure, said, "Online trading 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 whose business operations 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 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 and London, and has a technology development center in Salt Lake City, Utah.
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Contact for eReinsure:
Paul Del Colle
Miller DeMartine Group
(203) 221-2790
pdelcolle@mdgpr.com
Contact for Converium:
Michael Schiendorfer
Converium Holdings Ltd.
0041-1-639-96-57
michael.schiendorfer@converium.com