Benfield announces Web platform for facultative reinsurance

Benfield, an independent reinsurance and risk intermediary, today announced the launch of eCatFac, a new electronic placing platform designed to help place facultative reinsurance for cedants with large catastrophe exposures.”Facultative reinsurance is a highly customized tool that is increasingly being used by risk carriers to manage catastrophe exposure and terrorism issues, including the mitigation of peak exposures on large commercial property books,” commented Elliot Richardson, head of Benfield’s global facultative solutions team.Users accessing the Web technology for the first time are required to register to obtain a user name and password. The reinsurance buyer then completes a three-part application.The eReinsure platform notifies the buyer when a quote is available, and acts as the communication channel for negotiating pricing and coverage terms. A complete electronic record is maintained and final documentation can be accessed via the system.eCatFac is a further addition to Benfield’s established ‘CatFac’ platform. Developed by Benfield’s Minneapolis catastrophe team, CatFac uses specially developed software to help risk carriers identify the catastrophe-exposed policies in their portfolios, for which facultative cover can be used to reinsure those risks causing exposure spikes.Grahame Chilton, chief executive of Benfield, said: “As the world’s leading global facultative intermediary, Benfield is delighted to provide eCatFac which will enable us to enhance our efficiency in quoting and placing facultative catastrophe covers and, at the same time, ensure contract certainty for our customers around the world.”