Benfield, the world's leading independent reinsurance intermediary, announced today that the U.S. Treasury Department selected its subsidiary Paragon Strategic Solutions Inc., a premier provider of reinsurance administration and asset recovery services, as the Administrator and Statistical Agent for the Terrorism Risk Insurance Program (TRIP) effective immediately.
In this capacity, Paragon will provide the U.S. Treasury Department with a complete, end-to-end solution for the establishment, activation (if necessary), and management of the TRIP Claims Management Facility and Statistical Agent functions. Paragon's services to the U.S. Treasury Department will include mission-critical and seamless systems for claims submissions and processing, statistical analyses, reporting, and general TRIP program support.
"We look forward to utilizing the knowledge and skills of our expert claims, business analysis, and technology staff, as well as the statistical agent, data management and reporting expertise of our subcontractor Insurance Services Office, Inc. (ISO), the world's leading source of information about risk, to effectively manage the TRIP operating facility." said Kevin Campion, Paragon's Executive Vice President.
Rod Fox, CEO of Benfield Inc., commented: "We are delighted to have been chosen by the U.S. Treasury Department for this important role. Winning this contract highlights a very important aspect of Paragon's overall mission to provide outsourced reinsurance administration and asset recovery services."
Benfield is the world's leading independent reinsurance intermediary and risk advisory business. Its customers include many of the world's major insurance and reinsurance companies as well as government entities and global corporations. Benfield operates from more than 30 locations worldwide. The company is listed on the London Stock Exchange under the ticker symbol BFD. www.benfieldgroup.com
Paragon, a Benfield company, provides comprehensive, customized solutions in reinsurance administration and asset recovery. Headquartered in Minneapolis, Paragon's clients include insurers, reinsurers, pools and state insurance departments. For more information about Paragon, visit www.paragonbenfield.com.
