Guy Carpenter & Company announced today that GCFac, its dedicated facultative reinsurance unit, has launched a new electronic trading facility allowing brokers in Latin America to deal online with Hiscox underwriters in London.
The reinsurance broker said the new STEALTH system (Sabotage and Terrorism Electronic Application Linked to Hiscox), would create costs savings and provide coverage for political risks, riots, strikes, civil commotions and malicious damage including sabotage and terrorism.
According to Guy Carpenter, the system will be available in key Latin American markets, including Mexico, Colombia, Peru, Chile, Venezuela and Argentina as well as Miami.
“The e-trading and technology climate in Latin America has developed to a point where e-insurance is now a reality,” said Erik Lakatos, broker at GCFac, who oversaw the launch.
Mr. Lakatos explained that his operation was “looking for a way to apply e-trading to our facultative business, and our terrorism accounts in this market.”
The South American market, he said, is smaller in premium than in the United States or Europe, but still has substantial volume, exposure and opportunity and “seemed like the ideal place to begin.”
Working closely with Hiscox, Mr. Lakatos said, GCFac has “created is a highly flexible, user-friendly system that works seamlessly and will be of great advantage to brokers in the market.”
“STEALTH provides brokers with superior speed of service, ease of use and compliance, sending submissions directly to Hiscox underwriters and providing replies in as little as 10 minutes,” he said.
The system is also fully compliant with FSA regulations.
Ron Whyte, head of GCFac Worldwide, said, “Now that we have created this e-trading facility, we will be looking to build on it and extend it to other lines and territories in due course. Eventually, we would like to be able to incorporate different risks, extend the platform's functionality and roll STEALTH out to new territories and markets.”
Guy Carpenter & Company, Inc. a part of the Marsh & McLennan Companies, Inc.
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