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MS Frontier Re Goes Live on New Assumed Reinsurance Platform
Sword Intech’s Open Co+ System Enables Future Growth of Reinsurer
New York, New York – June 23, 2010 – Sword Intech (a Sword Group company), provider of a flexible and highly configurable, single system for policy administration, claims, billing and accounting to the property and casualty insurance industry announces that MS Frontier Reinsurance Limited (“MS Frontier Re”) has introduced Open Co+ as a new platform in its Bermuda office for MS Frontier Re’s assumed reinsurance business.
MS Frontier Re, a wholly-owned subsidiary of Mitsui Sumitomo Insurance Company, Limited, Japan, has been writing mainly Property Catastrophe reinsurance business out of Bermuda since 2002 covering worldwide risks. The new platform needed to handle the full lifecycle of a global-based assumed reinsurance system.
“In early 2008 we decided that it was time to upgrade our legacy system to a more robust reinsurance platform. After evaluating several different leading reinsurance platforms, we decided to move forward with the Open Co+ system. This system is built on a highly configurable database platform that allowed us to incorporate our business strategy without any major code or system reconfigurations. Since this system did not require any major modifications, we were allowed to focus our efforts on the data conversion process,” stated George Masters, Information Technology Manager for MS Frontier Re, “anyone who has ever been through a system change over will know that the conversion process of data is the key to the new system’s success. The Sword team was diligent and highly professional in assisting us with this conversion and implementation. Overall I am very pleased with the final result.”
“Assumed and ceded reinsurance are sweet spots for Sword Intech in Bermuda and North America and we offer a single platform for underwriting, claims, billing and accounting,” said Chuck Gomez, SVP of Delivery & Operations for Sword Intech Americas. “It’s an honor to work with the team at MS Frontier Re and we look forward to supporting their worldwide growth.”
About About Sword Intech
Sword Intech has 40 years’ of experience in the design and implementation of comprehensive Policy Administration systems spanning a slate of US and international companies across the world’s insurance markets. A total of 61 Sword Intech clients use Sword Intech products in 17 countries, including 35 clients who use policy administration for insurance and reinsurance business. Open Co+, Sword Intech’s innovative policy administration platform, supports a wide range of P&C business and benefits from the latest pre-configured out of the box software to integrate policy generation and administration, underwriting, reinsurance, accounting and claims processing operations, enabling your business to respond swiftly and effectively in today’s dynamic markets. All of our applications can be integrated with third party business support or trading systems to meet a wide range of financial or management reporting requirements. Sword Group acquired Intech in 2005, after Intech thrived as an independent service provider to the international insurance industry for 40 years.
About About MS Frontier Re
MS Frontier Reinsurance Limited, Bermuda was established in 2002 and is a wholly owned subsidiary of Mitsui Sumitomo Insurance Company, Limited, Japan. MS Frontier Re is a Class 3B registered reinsurance company incorporated in Bermuda and specializes in mainly Property Catastrophe Reinsurance business and North American Risk Excess of Loss Treaty business. Mitsui Sumitomo Insurance Company has had a presence in Bermuda since 1997 and launched its Property Catastrophe Reinsurance underwriting in July 2002 with the formation of MS Frontier Re. This has been a key part in establishing geographical portfolio optimization and risk diversification for the group.