The myriad complexities that comprise reinsurance lines often make it difficult to conduct business via the Web, industry observers say. However, buying and selling reinsurance offline is plagued by its own deficiencies- notably excess paper processing and other accountability issues surrounding the process.Providers of independent Web-based reinsurance exchanges believe they have a more efficient process of exchanging risk globally.
Recently, London-based inreon, an independent, public reinsurance exchange, landed three marquee reinsurers: St. Paul Re, Zurich Re and Hannover Re. The three reinsurers signed on to inreon's Web-based service as sellers, offering reinsurance capacity to both existing and potential customers.
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