Contact Information: Contact: US CATEX Frank Fortunato 609 683 0888 UK CATEX Tom Bailey 44-207-663-5656
PRINCETON, NJ--(Marketwire - November 8, 2007) - The Catastrophe Risk Exchange, Inc. (CATEX)
announced today that Kunal R. Patel, currently serving as the company's
Chief Technology Officer, has been appointed Corporate Executive Vice
President. Mr. Patel will retain his responsibilities as Chief Technology
Officer.
CATEX CEO, Frank Fortunato, said, "Kunal has been instrumental in our
success to date. As we move into this next critical stage of our growth,
that of integrating the functions of the web-based Pivot Point Transaction
System onto the web-based CATEX Global Exchange, he will need to be able to
call upon all the resources of our company."
Richard Trebble, CIO, Oxygen Insurance, a Pivot Point licensee, said, "We
are delighted to hear of Kunal's deserved promotion. He is a pivotal
contact, and is vital to the ongoing development of our Management
Information suite. He has been key to our success with CATEX."
"I am extremely gratified by the confidence CATEX and our clients have
shown in me," said Mr. Patel, "And I look forward to revitalizing the
Global Exchange in this challenging market by integrating it with the Pivot
Point web-based back office system."
Mr. Patel has been with CATEX since 2000 and has served as CTO since May,
2000.
About CATEX: www.catex.com
CATEX is a leading provider of web-based trading and back-office services
to the international insurance and reinsurance market. The Pivot Point
platform, a completely web-based insurance and reinsurance management
system, is the company's flagship service. Over 100 different syndicates,
insurers, reinsurers, and brokers conduct business on Pivot Point daily.
CATEX develops its systems exclusively using Microsoft technology. CATEX
operates the CATEX Global Exchange, a web-based reinsurance marketplace.
CATEX also operates CATEX TV which provides daily live news for the
reinsurance industry. The company has been in operation since 1994 and has
offices in Princeton, NJ and London.