System and method for reinsurance placement

Abstract

A system and method for facilitating the placement of reinsurance, the method involving a cedent collecting risk data to determine if a need for reinsurance exists, and, if so, preparing a renewal package containing data reinsurers need to provide a quotation. A renewal package includes programs, possibly in different combinations, to be sent to different selected reinsurers. The renewal package is dispatched to the reinsurers, who evaluate it and return quotations. The cedent evaluates the quotations, benchmarks prices, negotiates, and agrees to a final reinsurance program structure, written share, and price from chosen reinsurers. The chosen reinsurers forward written share proposals to the cedent, who evaluates the proposals and captures a final share and price. The cedent and chosen reinsurers sign off on the final share and price.

Description

[0001] This application claims priority to Application Serial No. 60 / 328,441 filed October 12, 2001 in the United States, which is hereby incorporated by reference in its entirety.

[0002] A part of the disclosure of this patent document contains the subject matter protected by copyright. The copyright owner has no objection to facsimile reproduction by anyone of the patent document or patent disclosure, but does object to all copyright rights as they appear in the Patent and Trademark Office patent files and files. technical field

[0003] The present invention relates generally to the insurance and reinsurance industries, and more particularly to systems and methods for the origination and placement of reinsurance. The present invention provides direct insurers with a reinsurance origination and placement tool that can be accessed as a stand-alone tool or combined with tools from reinsurers. Background technique

[0004] Reinsurance is the insurance against the risks of ...

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