Re|insurance Tech Start-up, OnRisk, Launched by Industry Entrepreneur

PRINCETON, NJ--(Marketwired - May 12, 2015) - Insurance software designer Frank Sweeney has announced the launch of the re|insurance tech startup, OnRisk, to provide a new class of B2B cloud-based enterprise software services to the $800bn global P&C commercial re|insurance space.

"OnRisk placement solutions allow brokers and buyers to visualize complex, high-value risks, and speed their placement in the global market," said Mr. Sweeney, OnRisk CEO. "OnRisk's transformative software utilizes 'computer-aided risk transfer' to recast the placement process as a graphical, intuitive and visually-appealing online experience for a broker."

Commenting on the impetus for the start-up, Frank Sweeney continued, "Too often, the most important part of risk transfer -- the structure itself -- is obscured within lengthy, complex spreadsheets or legal documents. This is especially true for the placement side of the re|insurance business, where the rapid, pell-mell flow of information can complicate efforts to organize critical transaction data. We are hoping to change that."

OnRisk is arranging software demos of its first web application, Jigsaw Tower^™, with its product advisors and prospective beta clients operating in the U.S., London and Bermuda markets.

Before forming OnRisk, Frank Sweeney co-founded CATEX International, the Princeton-based reinsurance services firm, in the mid-1990s, and served as that company's COO until 2013. During his 19-year tenure with CATEX International, Sweeney was the principal business architect of the company's technology platform, and he is the named inventor for a 2012 U.S. Patent issued in relation to that technology.

OnRisk is headquartered in Princeton, New Jersey, while its tech operations are situated in California's Silicon Valley. OnRisk CEO Frank Sweeney explained, "a Silicon Valley base will ensure that our technology platform can keep pace with the new vision we are offering to our clients." OnRisk COO John Kelley added, "We're excited to be building a product that can help make risk transfer more transparent, and assist Silicon Valley in better understanding the global strategic significance of the P&C commercial re|insurance industry." The beta version of the software application was developed in California.