Specialty workers' compensation carrier Majestic Insurance (San Francisco; a whole owned subsidiary of CRM Holdings, Ltd.) has chosen the application outsourcing service available from StoneRiver (Columbia, S.C.) for the vendor's Universal Reinsurance System (URS). URS calculates cessions based on contract terms for premiums and losses and provides reinsurance modeling capability for "what if" scenario analysis, according to a vendor source.
"By implementing URS, we gain comprehensive reinsurance administration with automatic calculation of reinsurance cessions and elimination of most manual processing," comments Richard Ackermann. "This will significantly reduce our current effort spent on time-consuming tasks."
The carrier is already a StoneRiver customer for the vendor's PowerSuite workers'compensation policy administration system, according to the vendor. "With PowerSuite and URS the company is positioned as strongly competitive and ready to provide exceptional service," asserts Gary Sherne, president, insurance solutions, StoneRiver.
URS manages treaties for ceded, assumed, retroceded, pools and affiliates, the vendor source relates. StoneRiver describes the solution as a comprehensive system that automates attachment, calculation, and posting of premium and loss cessions and retrocessions. Support for managing receivable, payable, and funds withheld sub-ledger balances is included, according to the StoneRiver source, which adds that URS also facilitates statutory reporting, including Schedule F Exhibits and Schedule P.
Anthony O'Donnell has covered technology in the insurance industry since 2000, when he joined the editorial staff of Insurance & Technology. As an editor and reporter for I&T and the InformationWeek Financial Services of TechWeb he has written on all areas of information ... View Full Bio