Cooper Gay & Cashman Licenses CATEX Pivot Point Service

Princeton, October 3rd, 2005
CATEX announced today that Cooper Gay & Cashman (CGC), a new US reinsurance broker, jointly owned by the London-based Cooper Gay Group, Michael W. Cashman, and CGC employees, has subscribed to a CATEX developed, web-based Reinsurance Transaction Service based on the CATEX proprietary Pivot Point Technology.

The service is entirely web-based and allows a reinsurance intermediary to fully manage all aspects of its business on-line, any time, from any location in the world. Pivot Point technology also permits a reinsurance intermediary to offer enhanced system access to its clients and markets, if it so chooses.

Cooper Gay & Cashman CEO Michael Cashman commented, “Pivot Point is a proven service that will provide the scalable infrastructure we require to deliver world-class service to our clients. The web-based technology will allow us to offer our clients, markets, and employees anywhere and anytime access to mission critical information.”

Frank Fortunato, CEO of CATEX noted, “We look forward to deploying the Pivot Point Service and to working with the Cooper Gay & Cashman team as they continue to grow and expand their business. We have known Cooper Gay in London for many years and Mr. Cashman’s reputation in the reinsurance industry is known to all. It will be exciting to work with a group involving both parties.”

The CATEX Pivot Point Service is composed of an extensive range of proprietary applications and has been developed using exclusively Microsoft technology. The technology can provide the full range of transaction components for reinsurance and insurance transactions as managed by an intermediary. The technology may be customized to accommodate specific client requests or may be used in a basic version.

About Cooper Gay & Cashman, LLC
Cooper Gay & Cashman,LLC: Cooper Gay & Cashman, LLC, a privately owned joint venture between Cooper Gay Holdings (London), Michael W. Cashman, and CGC employees, is headquartered at 601 Carlson Parkway in Minneapolis. CGC is a reinsurance intermediary focusing on traditional and specialty treaty reinsurance in North America.

About Pivot Point Transaction System
Pivot Point is a 100% web-based, end-to-end transaction system encompassing reinsurance and insurance placement, underwriting, claims, accounting and financial reporting for brokers, agents and risk-bearers (i.e., reinsurers or insurers). Companies can manage their entire transaction process in one seamless environment. The fully web-based application is developed using Microsoft technology and affords full system access over the Internet within tight security parameters. This technology reduces operating costs and gives accessibility to individuals on travel or back-office staff in remote locations with no infrastructure re-working. The system represents a quantum leap forward in the application of web-based technology, providing an ideal solution for risk-bearers and intermediaries alike.

The Catastrophe Risk Exchange, Inc. (CATEX) is a leading developer of web based insurance and reinsurance software. CATEX provides software as a service to brokers, agencies and reinsurers to manage all of their Treaty, facultative and commercial insurance needs. CATEX’s flagship products, CATEX Pivot Point and Data Vera, are Microsoft .NET based solutions that provide placement, contract management, fiduciary accounting, ledger control, claims management, multi-currency settlements, bordereau processing, document management, data conversion, and comprehensive MI reporting functionalities. CATEX has been operating since 1994 and is licensed by the New York Insurance Department as a reinsurance intermediary that acts in a neutral capacity.

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CATEX Contact
Stephanie Fucetola
+1 609-683-0888