Risk managers can track their current and legacy insurers
Airmic is offering its members a free service to allow them to track current and legacy insurers.
The new initiative will provide access to LUCID, an online identification service from Litmus Analysis.
The web platform will allow users to track insurers and reinsurers globally at group and individual levels. This will enable risk managers to monitor changes of ownership, dissolutions and name changes going back 20 years.
Airmic chief executive John Hurrell (pictured) said: “It can be surprisingly challenging and frustrating for risk managers to locate their legacy insurers or reinsurers.
“LUCID makes this a great deal easier while also helping accurate and efficient placement and reporting of current business. For example, many risk managers instruct their brokers to place business with carriers carrying a certain level of credit rating, but not all companies within a group necessarily hold the group ratings.
“The unique company IDs in LUCID can help the risk manager ensure absolute clarity with their brokers when defining which carriers are acceptable to them.”
Litmus Analysis founding partner Peter Hughes said the partnership would provide vital data to help improve the LUCID service. “Airmic member feedback will be invaluable in helping us prioritise our research in adding further coverage of both the live and legacy markets globally,” he said.
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