Axa Corporate Solutions has decided to buy its facultative reinsurance contracts through inreon, the Internet-based reinsurance-trading platform.
The division, which handles global risks for large corporate clients within the French-based Axa Group, buys facultative coverage from an international network of offices across the globe.
Inreon said the decision was evidence of a growing acceptance among reinsurance buyers of the benefits of trading online.
Axa Corporate Solutions chairman and chief executive Jean-Marie Nessi said: "By joining inreon we expect to achieve substantial improvements in the speed, transparency and efficiency of our risk placements."
Axa Corporate Solutions' will begin using the service from February 2002. It is expected that all offices worldwide will be ready to place their facultative reinsurance requirements online by August 2002.
Axa Corporate Solutions added that Nessi would join the Board of inreon as a director.
