Marrikel rebrands as Re Square, partners with Numerical Algorithms Group

Broking technology firm Marrikel has rebranded as Re Square and partnered with The Numerical Algorithms Group (NAG), offering its auction technology to brokers who wish to provide auctioning capabilities in-house.

Re Square continues to offer its existing product suite, including licensing of its broking platform, which allows brokers to manage the entire reinsurance transaction-flow, integrating multiple concurrent placement strands from marketing through to digital execution. As well as auctions, placements can include firm-order-terms, private deals and indicative bidding.

NAG provides algorithms and high performance computing services globally.

James Karim, founding partner at Re Square, said: “We are committed to improving the adoption of technology in the reinsurance market. While licensing is the right solution for many participants, we recognise that some brokers wish to retain full ownership of their placement infrastructure.”

Adrian Tate, chief executive officer at NAG, said: “We have seen broadened use of mathematical optimisation across financial services and there appears to be great potential in expanding the use of algorithmic allocation techniques in the reinsurance market.”