(Image source: Fortitude Re website.)
Fortitude Re (Pembroke, Bermuda/Jersey City, N.J.) has chosen Prima XL as its cloud-based reinsurance management software. Prima XL is designed by Prima Solutions, a Coral Gables, Fla.-based global software provider for insurance and reinsurance professionals in North America, Europe, and Asia-Pacific.
Fortitude Re will use the software to support and optimize its property/casualty runoff activities and to help it evaluate opportunities to acquire and manage legacy insurance portfolios, according to a Prima Solutions statement. The reinsurer chose Prima XL in 2020 and recently went live with the software.
“We were looking for a platform to manage our reinsurance runoff activities, and Prima Solutions already had great expertise in runoff management solutions,” comments Craig Clark, reinsurance manager, Fortitude Re. “What mattered most to us was the flexibility of the solution and its ability to evolve with us.”
Bermuda’s largest multi-line reinsurer, Fortitude Re provides retroactive reinsurance and legacy run-off management solutions and services for long-dated, complex risks to the global insurance industry.
“We are excited to see how this fruitful partnership develops,” says Gregory Moliner, CEO, Prima Solutions USA. “Our desire to support Fortitude Re in their strategy and their ambition in the run-off market makes this relationship a top priority for Prima Solutions.”