London Broker RFIB Implements CATEX Pivot Point Delegated Authority System

LONDON, UNITED KINGDOM and PRINCETON, NJ--(Marketwired - Sep 10, 2014) - RFIB, an independent international insurance and reinsurance broker with its headquarters in London, announced today that it had completed data migration of legacy bordereau data relating to its North American Binders business to the CATEX Pivot Point Bordereau System.

RFIB Director of Information Technology Mark Kinsella said, "We decided to adopt the CATEX Pivot Point Bordereau System for all new incoming delegated authority business, allowing us to cleanse the data being passed to underwriters and to keep all data for detailed reporting and analysis. Late last year we started a project to move our legacy bordereau data to Pivot Point and we have now completed that project. All RFIB bordereau data is now resident on a single platform against which we can process claims and produce up to date MI reports such as dashboard enabled maps and charts reflecting up-to-date information on aggregate exposure information or claim information per client, per market or per location."

Kinsella observed that the "technology represented by Pivot Point is very powerful and we are beginning a campaign with our clients to introduce them to the reporting and business intelligence we can now offer them via an extra-net through the Pivot Point System."

Kinsella noted that the deployment of the CATEX Data Vera upload application "greatly simplified, automated and improved the accuracy of our data."

Richard Boughton, Managing director of RFIB's North American Binder business, said, "RFIB wish to expand its delegated authority business and part of that effort, will be demonstrating the data quality of MI reports and business intelligence produced by the Pivot Point System."

The Pivot Point platform currently supports client operations in 20 countries; processes premium volumes of more than USD $4.5 billion annually; settles transactions in 75 currencies; and distributes invoices in 6 languages.

CATEX has been providing insurance and reinsurance software to clients since 1994.

About RFIB:

RFIB is an independent international insurance and reinsurance broker and is majority owned by management and staff. From its headquarters in the heart of the City of London's insurance sector and seven offices in major international centers, RFIB provides excellent service across its specialist lines of business. RFIB provide focused, effective and bespoke solutions for our clients. RFIB accesses a diversified book of business in significant developing economies and are renowned as a producer of innovative, profitable and specialist business to the London and international markets.

Contacts:

David Haggie, Brian Norris, Haggie Partners: 0207 562 4444

About CATEX:

The Catastrophe Risk Exchange, Inc (CATEX) is a leading developer of web based insurance and reinsurance software. CATEX provides software as a service to brokers, agencies and reinsurers to manage all of their Treaty, facultative and commercial insurance needs. CATEX's flagship products, Pivot Point and Data Vera, are Microsoft .NET based solutions that provide placement, contract management, fiduciary accounting, ledger control, claims management, multi-currency settlements, bordereau processing, document management, data conversion, and comprehensive MI reporting functionalities. CATEX has been operating since 1994 and is licensed by the New York Insurance Department as a reinsurance intermediary that acts in a neutral capacity. In 2013 CATEX was named by Intelligent Insurer magazine as "Technology Provider of the Year" at the annual Rendezvous in Monte Carlo.