Mag Re Licenses CATEX Pivot Point Reinsurance Software

New Latin America Reinsurance Broker selects Pivot Point

Princeton, NJ – May 24, 2010
CATEX Solutions announced today that Mag Re, Intermediario de Reaseguro, S.A. de C.V (“Mag Re”), a new Reinsurance Broker based in Mexico City, Mexico, has licensed the Pivot Point 2.0 reinsurance software platform to operate its start-up reinsurance intermediary operation, including facultative and treaty reinsurance. Mag Re recently received regulatory approval from the Mexican insurance authorities to launch its reinsurance broking operation.

Frank Fortunato, Co-CEO of CATEX Solutions, said, “Our Software as a service (Saas) offering has enabled Mag Re to get off to a speedy start in its new endeavor. We are pleased with how quickly we were able to configure the system and provide all the necessary training required to process all of Mag Re’s reinsurance business on our platform”.

Eduardo Betancourt, CEO of Mag Re said “By selecting the proven turn-key solution offered by the Pivot Point Reinsurance software we were able to make a strong case to our regulator and to our clients”. Betancourt continued “We wanted to be certain that the solution we selected would allow us to process all of our business online globally yet maintain a strong local presence at the same time. Certainly with Pivot Point we are starting with the most advanced operation platform available in the market which will allow us to focus our efforts on our clients and have a very efficient administration process.”

Mag Re will make full use of existing Pivot Point reinsurance functionality, including its document production capability (in Spanish & English), transaction processing for complex cross-currency settlements for multiple currencies, offsetting, invoices (in Spanish & English), fast-path premium processing allowing brokers to process hundreds of premium statements in seconds, extranet access for trading partners, expansion of retail broking capabilities, and sophisticated reporting tools provided by the Mosaic Reporting Service developed by CATEX Solutions.

The Pivot Point platform currently supports client operations in 20 countries; processes premium volumes of more than USD $4 billion annually; settles transactions in 75 currencies; and distributes invoices in 6 languages.

CATEX has been providing insurance and reinsurance software to clients in a number of countries in Latin America since 2000.

About Mag Re
Mag Re is a start-up reinsurance broker recently licensed by Comisión Nacional de Seguros y Fianzas (CNSF), the insurance regulatory agency for Mexico. Mag Re provides facultative and treaty reinsurance broking services initially for the Mexican market. This new offer is supported by an experienced team who together, has more than 80 years of experience in the insurance/reinsurance market.

Contact details
Eduardo Betancourt, CEO Mag Re

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.

For more information visit us

CATEX Contact
Stephanie Fucetola
+1 609-683-0888

CATEX Contact Europe
Tom Bailey, Chairman
+44 (0)207-816-269