SSGUY /
SHUTTERSTOCK.COM
September 2014 Bermuda:Re/insurance+ILS 51
insurance companies, through to captive insurers and even corporate clients. “The possibility of transacting at a smaller notional value has the potential to open up a new client base,” he explained. “We are hopeful of new clients coming to market in response to this product.”
Clients will be able to bring tailored products to market more quickly thanks to Aon Benfield Securities having gone through the process of creating the infrastructure and documentation for the transaction in advance, expediting matters for clients. “It isn’t only smaller clients that can benefit from CATstream—the product can also be tailored for larger players that want to come to market more quickly using an established outline.”
As he explained, CATstream can offer a solution to cedants whether they are looking to place a layer or a whole programme, helping them to react to specific market needs throughout the cycle. Schultz added that the product can also be used on a “technical basis—as a means to quickly bridge a gap in a client’s portfolio”.
Schultz said that clients can expect significant savings thanks to transactional documents being pre-negotiated with leading third party vendors, adding that clients can also expect to benefit from “an opportunistic cost saving”. As he explained, thanks to Aon Benfield Securities having taken the lead on the negotiation of the contract template, management can avoid the time spent negotiating bonds with individual companies involved in the structuring and modelling of such transactions.
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