INTX Insurance Software has extended its relationship with Bermuda-based property and casualty runoff reinsurer Xitus Re, with the INTX (Re)Insurance Operating System continuing to support the company as it adds portfolios, transactions, and operations across multiple jurisdictions.
A key component of the deployment is INTX Re, the firm's assumed reinsurance platform. Xitus is using the system to administer and integrate runoff business within a connected operating environment, covering treaty and facultative administration, premium and loss accounting, claims, capacity, and financial operations.
According to INTX, the broader deployment is intended to give Xitus a consistent technology foundation as its business develops. The platform brings together policy administration, claims, financial operations, reinsurance, reporting, and governance, allowing the company to manage different portfolios within the same operating environment.
The expansion comes as Xitus continues to pursue additional runoff transactions and broaden its geographical footprint. For a business focused on acquiring and managing legacy insurance portfolios, each new transaction can bring different contractual arrangements, claims records, financial requirements, legal entities, and regulatory obligations. INTX said its platform is designed to incorporate those requirements into the existing environment, rather than requiring a separate setup for each new portfolio or transaction.
Xitus recently completed a transaction with a major US insurance group involving a portfolio of US excess workers' compensation contracts. The deal forms part of the company's wider strategy to expand its runoff business and enter additional jurisdictions.
The company originally selected INTX to provide an operating foundation for its global runoff, captive, loss portfolio transfer, and insurance business transfer activities. It has since continued to expand its use of the platform as it has added further business.
Jane Newton, group chief financial officer at Xitus, welcomed the latest deal.
"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," said Newton.
Rob Lewis, chief executive officer of INTX, said the deployment reflected what the platform was built to do.
"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," said Lewis. "Xitus is demonstrating exactly that. INTX Re can expand with them within the broader INTX operating environment. That ability to support increasing structural and organisational complexity within one environment is central to what we built the (Re)Insurance Operating System to do."
The deployment also highlights an operational consideration for the runoff market. While completing a portfolio transaction is an important step, the acquired business must subsequently be administered, accounted for, and monitored over its remaining lifecycle. For Xitus, the platform provides a foundation that can be extended as it pursues further transactions and geographic growth.
