Rod Fox, CEO of TigerRisk: “We are extremely pleased to announce this initiative. This has been an important mission for us over the last several years

Rod Fox, CEO of TigerRisk: “We are extremely pleased to announce this initiative. This has been an important mission for us over the last several years

TigerRisk and Willis Re combine on reinsurance placement platform

06 October 2017

Reinsurance intermediaries Willis Re and TigerRisk have taken controlling stakes in a new company, RePlace Holdings LLC, and have committed to jointly build out an online placement platform for reinsurance business.

The platform, currently called X-gRm, has been developed with the insurance outsourcing firm Xchanging and TigerRisk, the US reinsurance intermediary.

As part of the new initiative, Willis Re and TigerRisk will take controlling stakes in the new company and the platform is being rebranded to globalRemarket. 

The platform provides a digital repository for the sharing of information, analytics, terms & conditions and offers/submissions.

According to TigerRisk, almost 1,000 users from more than 200 reinsurers are currently using the platform to see its business.

Rod Fox, CEO of TigerRisk commented: “We are extremely pleased to announce this initiative. This has been an important mission for us over the last several years. Since the launch of globalREmarket in 2015, all TigerRisk business has been transacted through the platform and it’s proven hugely successful with our markets.

Fox’s colleague Jayant Khadilkar, Global Head of Analytics and Technology for TigerRisk added: “Providing information via multiple emails and FTP sites is inefficient and antiquated. It’s time the reinsurance industry pounced on digitization to deliver a better, faster product for the ultimate benefit of clients. We are proud to be at the forefront of that evolution.” re