Benfield has launched an electronic trading platform which facilitates the placing of facultative reinsurance for large catastrophe exposures.
Elliot Richardson, head of Benfield's global facultative solutions team, said: “Facultative reinsurance is a highly customised tool which 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.”
The platform, eCatFac, provides customers with the option of using a portal to Benfield's global facultative solutions team and enables any Benfield customer to access eReinsure's web-based reinsurance platform for the purpose of establishing facultative catastrophe terms.
Grahame Chilton, chief executive of Benfield said: “[It] 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.”
