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INTX extends its platform to support Xitus Re runoff expansion
INTX’s INTX (Re)Insurance Operating System is being used to administer Xitus Re’s treaty and facultative runoff business, including premium and loss accounting and claims operations.
INTX Insurance Software said it is extending its relationship with Bermuda-based property and casualty runoff reinsurer Xitus Re Ltd, with the INTX (Re)Insurance Operating System continuing to support the carrier as it adds portfolios, transactions and operations across multiple jurisdictions, according to Reinsurance News.
A key part of the expanded deployment is INTX Re, INTX Insurance Software’s assumed reinsurance platform. The system supports Xitus’s connected administration and integration of runoff business, covering treaty and facultative administration, premium and loss accounting, claims, capacity and financial operations.
INTX said the broader roll-out is intended to give Xitus a consistent technology foundation as its runoff business develops. It is designed to bring together functions including policy administration, claims, financial operations, reinsurance, reporting and governance, so new portfolios with different contractual arrangements, claims records, financial requirements, legal entities and regulatory obligations can be incorporated within the same operating environment rather than requiring separate technology setups.
The expansion comes as Xitus continues to pursue additional runoff transactions and broaden its geographical footprint. Reinsurance News also noted that Xitus recently completed a transaction with a major US insurance group involving a portfolio of US excess workers’ compensation contracts, as part of its strategy to expand runoff and enter additional jurisdictions.