Paris, France —January 14, 2021— Specialist Lloyd’s insurer Beazley Group, with over three decades of experience, has chosen the cloud-based reinsurance platform Prima XL, designed by the leading insurtech Prima Solutions, to streamline its worldwide ceded reinsurance administration activities.
Founded in 1986, Beazley is a long-established participant in the Lloyd’s market, one of the largest and oldest insurance and reinsurance markets in the world. Through the Lloyd’s broker network and the Lloyd’s trading licences, Beazley is able to access a wide range of insurance and reinsurance business from around the world. Many of the lines of business they underwrite, such as marine, political risks and contingency, were pioneered at Lloyd’s. Beazley also underwrites business directly in the US admitted market through its two admitted carriers, Beazley Insurance Company, Inc., and Beazley America Insurance Company, Inc. Today, Beazley is a mature insurance and reinsurance company with a well-diversified portfolio, with premium income in excess of $3 billion.
“We were looking for a reinsurance administration platform with strong out of the box functionalities and a company with which we could build a long-term partnership.” said Will Mills, Beazley Group Head of Ceded Reinsurance. “Prima Solutions demonstrated reinsurance expertise and an ability to handle reinsurance platform deployment projects, and we look forward to working on this project together.”
“Insurance companies of all sizes trust Prima Solutions to accompany them in their digital transition. We are very proud that Beazley, a well-established insurer, has chosen to partner with us to automate their ceded reinsurance processes. Beazley’s choice is further proof that we are well-suited for large cedants as well as for Lloyd’s syndicate. This partnership allows us to reinforce our footprint on the London market,” said Prima Solutions CEO Julien Victor.
The reinsurance SaaS platform provides functional completeness and an ability to collect, centralize and analyze all reinsurance data (ceded or assumed or brokerage). The system can handle all types of reinsurance contracts (treaty and facultative, proportional and non-proportional) and all lines of business. Thanks to Prima XL, reinsurance professionals are able to avoid claims leakage, ease technical and financial accounting, secure calculations and improve decision-making. Since its creation two decades ago, Prima XL (formerly known as WebXL) has been used in a dozen different countries by more than 50 insurance companies.