Specialist insurer Beazley selects Prima XL to support its P&C reinsurance activities
PARIS, FR / ACCESSWIRE / January 14, 2021 / Specialist Lloyd's insurer Beazley Group, with over three decades of experience, has chosen the cloud-based reinsurance platform Prima XL, designed by the leading insurtech Prima Solutions, to streamline its worldwide ceded reinsurance administration activities.
Founded in 1986, Beazley is a long-established participant in the Lloyd's market, one of the largest and oldest insurance and reinsurance markets in the world. Through the Lloyd's broker network and the Lloyd's trading licences, Beazley is able to access a wide range of insurance and reinsurance business from around the world.
Many of the lines of business they underwrite, such as marine, political risks, and contingency, were pioneered at Lloyd's. Beazley also underwrites business directly in the US admitted market through its two admitted carriers, Beazley Insurance Company, Inc., and Beazley America Insurance Company, Inc. Today, Beazley is a mature insurance and reinsurance company with a well-diversified portfolio, with premium income in excess of $3 billion.
'We were looking for a reinsurance administration platform with strong out-of-the-box functionalities and a company with which we could build a long-term partnership,' said Will Mills, Beazley Group Head of Ceded Reinsurance. 'Prima Solutions demonstrated reinsurance expertise and an ability to handle reinsurance platform deployment projects, and we look forward to working on this project together.'
'Insurance companies of all sizes trust Prima Solutions to accompany them in their digital transition. We are very proud that Beazley, a well-established insurer, has chosen to partner with us to automate their ceded reinsurance processes. Beazley's choice is further proof that we are well-suited for large cedants as well as for Lloyd's syndicate. This partnership allows us to reinforce our footprint on the London market,' said Prima Solutions CEO Julien Victor.
The reinsurance SaaS platform provides functional completeness and an ability to collect, centralize, and analyze all reinsurance data (ceded or assumed or brokerage). The system can handle all types of reinsurance contracts (treaty and facultative, proportional and non-proportional) and all lines of business. Thanks to Prima XL, reinsurance professionals are able to avoid claims leakage, ease technical and financial accounting, secure calculations, and improve decision-making. Since its creation two decades ago, Prima XL (formerly known as WebXL) has been used in a dozen different countries by more than 50 insurance companies.
Beazley plc (BEZ.L) is the parent company of specialist insurance businesses with operations in Europe, the United States, Canada, Latin America, and Asia. Beazley manages six Lloyd's syndicates and, in 2019, underwrote gross premiums worldwide of $3,003.9 million. All Lloyd's syndicates are rated A by A.M. Best.
In the United States, Beazley focusses on underwriting a range of specialist insurance products; in the admitted market, coverage is provided by Beazley Insurance Company, Inc. and Beazley America Insurance Company Inc. and in the surplus lines market, coverage is provided by Beazley's syndicates at Lloyd's.
Beazley also has a European insurance company, Beazley Insurance dac, which is A-rated by A.M. Best and A+ by Fitch.
Beazley is a market leader in many of its chosen lines, which include professional indemnity, cyber, property, marine, reinsurance, accident and life, and political risks and contingency business.
For more information, please go to www.beazley.com
About Prima Solutions
Global insurtech group and a key player in insurance in Europe, North America, and Asia-Pacific, Prima Solutions designs software for insurance and reinsurance professionals, covering all business processes in the life insurance, health insurance (for groups and individuals), non-life insurance, and reinsurance sectors.
The group serves more than 300 customers and works with a global network of partners. We help insurance companies go digital more quickly through our highly configurable, modular, and cloud-based all-web software suite - www.prima-solutions.com
About Prima Solutions USA
Based in Coral Gables, Florida, Prima-Solutions USA is the Group's North American division. U.S. clients include Progressive, Encova, USAA, AXA, FBL, Fortitude Re, and Genpact.
SOURCE: Prima Solutions
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