Lockton Re announces tie-up with Nephila Capital

Reinsurance broker Lockton Re has partnered with Nephila Capital for the launch of a first-of-its-kind digital offering, Lockton Re SAGELink Automated Placement Solutions – a new service for cedents.

The new service automates what can typically be a weeks-long process of price discovery between reinsurance intermediary broker and reinsurer.

Lockton Re said it will also foster tighter integration of treaty visualisation features with reinsurer underwriting workflow management, producing new value for cedents.

Claude Yoder, global head of analytics at Lockton Re, said: “Continuing our investment in technology & innovation, Lockton Re has initially partnered with Nephila Capital, the largest catastrophe insurance-linked securities manager in the world, to create a fully automated submission to quoting capability.

“Marrying best-in-class analytics and forward-looking technology, Lockton Re and Nephila have each deployed custom-built APIs which, via Lockton Re SAGELink, enable Lockton Re to uniquely identify, model, submit and receive pricing of reinsurance on behalf of cedents.”

He added: “These new digital broking features are a truly unique capability within the marketplace and a credit to our commitment to leading through innovation and the talented analytics and technology teams at both firms.

“This technology enables sophisticated scripting of catastrophe modelling, submission bundling, and quote workflows.  It has moved the technology needle for the (re)insurance industry.”

Speaking in September 2019, Lockton Re global chief executive Tim Gardner said the reinsurance industry was changing to focus more on data analytics to create new opportunities for brokers and more options for reinsurance buyers.

He said: “Reinsurance brokers help insurers by evaluating and quantifying risk concentrations and supporting the decisions about identifying the most suitable options.

“The evaluation and quantification of risk needs to be measured against an insurance company’s financial position, capital adequacy and rating agency ramifications.”