INTX Insurance Software expands the deployment of its (Re)Insurance Operating System at Xitus Re, the Bermuda-based property and casualty runoff reinsurer. The extension covers Xitus’ assumed reinsurance operations, which run on INTX Re, spanning treaty and facultative administration, premium and loss accounting, claims, capacity and financial operations. Xitus first selected INTX to establish a connected operating foundation for its global runoff, captive, loss portfolio transfer and insurance business transfer operations. The expanded deployment supports the integration and administration of runoff portfolios transferred from insurance groups, connecting policy administration, claims, financial operations, reinsurance, reporting and governance within a single environment. Xitus recently completed a transaction with a US insurance group covering a portfolio of US excess workers’ compensation contracts. It is one of several the reinsurer is looking to complete as it expands its operations and footprint into new jurisdictions. Jane Newton, group chief financial officer at Xitus, says: "We are delighted to have completed this transaction, providing an economic and operational exit solution. This is one of several transactions which we are looking to complete this year, as we look to expand our operations and footprint into new jurisdictions." Rob Lewis, chief executive officer of INTX, says: "Enterprise reinsurance software has to do more than support the business that exists on day one. It has to expand as the organisation itself becomes more complex."
