(University of Miami campus in Coral Gables. Image source: University of Miami Instagram page.)
Weston Insurance Company has chosen Prima Solutions Group’s (Paris) Prima XL as its cloud-based ceded reinsurance management software. The insurer will leverage WebXL to optimize CAT bonds and model its catastrophe reinsurance programs. The insurer selected Prima Solutions’ solution based on its rapid implementation, cloud-based solution, and P&C CAT expertise, according a Prima XL statement.
Founded in 2011 in Coral Gables, Weston Insurance insures homes and businesses for losses from windstorms, hurricanes, tornadoes, hail and floods and is licensed in Florida, Texas, Alabama, Mississippi, South Carolina, and Puerto Rico. The decision came as part of a corporate strategic initiative to enhance its information systems, Prima XL reports.
“As a specialist in property catastrophe coverage, Weston relies heavily on CAT reinsurance,” notes Richard B. Primerano, COO and CFO, Weston Insurance. “We wanted an InsurTech partner that understands that market. Prima XL was the clear choice for us. They have a modern platform and a track record for agile, rapid implementation.”
Streamlining Reinsurance Process
“We are delighted to support Weston Insurance in streamlining their reinsurance processes, and we look forward to facilitating their development and accompanying their growth,” comments Gregory Moliner, CEO, Prima Solutions USA. “Weston’s choice shows that we are well-suited for windstorm insurers, thanks to our P&C CAT expertise.”
Also based in Coral Gables, Prima Solutions USA is the North American division of Paris-based Prima Solutions Group.