Jireh Connect facilitates first industry loss warranty (ILW) placement

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Jireh Connect, a technology platform that targets helping brokers place risk more efficiently with reinsurance and risk capital providers and manage the process more effectively, has announced the completion of its first placement, an industry loss warranty (ILW).

sal-tucci-jireh-re-sac-advisory-holdingsJireh Connect has been launched by well-known Bermuda-based insurance-linked securities (ILS) market executive Sal Tucci.

Last year, Tucci launched Jireh Holdings Ltd., a company offering ILS risk transformation, fronting and advisory services to clients, with a broader insurance management offering in the works.

Jireh Connect was also launched, as Tucci sought to bring a technology platform to market that is built by brokers, for brokers, but makes their workflow easier and more efficient.

The Jireh Connect platform was soft-launched with one broker in Bermuda at the start of this year, successfully managing nearly $100 million in capacity across various ILW structures in its first month of operation, the company claimed today.

“We couldn’t be more pleased with the early success of Jireh Connect both in terms of facilitating its first bound transaction but also in having six markets actively engage on the platform,” explained Tucci. “We have had very positive feedback without our having made any prior public announcement of its availability to them. We credit this positive engagement to our very different approach to technology within our unique market.”

As we reported, ReFlex Solutions Ltd, an independent reinsurance brokerage headquartered in Bermuda launched by Neville Ching was said to be partnering with Jireh.

Jireh Connect enables brokers to coordinate reinsurance placements across their teams, acting as a front-office broker workbench, which can distribute deals, share documents with markets and capture external market feedback for users.

The platform can deliver analytics on market appetite and pricing in real-time, to help inform strategies when structuring transactions.

Jireh Connect was initially launched as a Minimum Viable Product (MVP) in 2024, with a focus on becoming a reinsurance broker workbench for ILW arrangements. New product offerings and system features are expected to be rolled out based on market demand, the company said.

Tucci said, “In the past, we’ve seen the roll out of numerous platforms in the reinsurance market developed by people from outside the industry who, looking in from the outside, endeavor to compress the value chain by disintermediating what they deem to be an inefficient market. We believe this is absolutely the wrong approach. Jireh Connect has been specifically designed ‘by brokers for brokers’ to complement the current reinsurance broker market process rather compete or replace it.”

Tucci further explained, “By way of example, despite the unquestionable convenience of ordering and paying for goods via your smartphone, there will always be customers who opt to wait in longer lines to order and pay cash. Many previous technology attempts within the reinsurance market make sense in theory and look great in a venture capital pitchbook, but the well-entrenched realities of how reinsurance is bought and sold cannot simply be ignored. Given our deep market experience, we designed Jireh Connect to provide the same efficacy to brokers through the platform even when customers or markets opt to communicate via email or in person. That is a significant differentiator between Jireh Connect and others that have come before us.”

Jireh Connect facilitates first industry loss warranty (ILW) placement was published by: www.Artemis.bm
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