TigerRisk Transacts Secondary Reinsurance Trade Electronically using Xchanging’s X-gRm Platform
London, 14 April 2016 – Xchanging plc, the provider of technology-enabled business solutions to the global commercial insurance industry, today announced TigerRisk Partners LLC, the risk/capital management and strategic advisory firm has transacted the first ever electronic secondary reinsurance trade using Xchanging’s X-gRm platform. Rod Fox, CEO of TigerRisk said: “Executing secondary reinsurance trades in ‘a live market environment’ provides a host of benefits.
It adds liquidity, increases volume and speeds transactions – something we’ve been wanting to achieve in catastrophe reinsurance for a long time. In addition, it opens an easy-to-access, pre-qualified channel for buyers.” Nick Lamb, Director of Broking Services at Xchanging added: “Expanding the use of X-gRm to the secondary marketplace is a significant step for this multi-broker platform, and we’re convinced this will become an integral facility of the platform.”
Accessing the secondary market through X-gRm may also be attractive to buyers looking for a quick and easy way to participate in reinsurance risk. “In this case, the trade was for the last year of a three-year contract,” explained Fox. “All the analytics and due diligence had already been completed. The risk was very well defined and provided on X-gRm.”