Majestic Insurance Selects StoneRiver Reinsurance Solution
URS® to Tame Time-Consuming Processes
Columbia, SC, June 25, 2009 – StoneRiver, a leading provider of technology and strategic solutions for the insurance industry, announced today that Majestic Insurance Company (“Majestic Insurance”), a provider of specialty workers’ compensation insurance, will use the application outsourcing service available for the Universal Reinsurance System (URS®). URS calculates cessions based on contract terms for premiums and losses, and provides reinsurance modeling capability for “what if” scenario analysis. Based in San Francisco, Majestic Insurance is a wholly-owned subsidiary of CRM Holdings, Ltd.
Majestic Insurance Chief Information Officer Richard Ackermann said, “By implementing URS, we gain comprehensive reinsurance administration with automatic calculation of reinsurance cessions and elimination of most manual processing. This will significantly reduce our current effort spent on time-consuming tasks.”
“Majestic Insurance was already a valued client implementing our PowerSuite® workers’ compensation administration system,” commented StoneRiver – Insurance Solutions President Gary Sherne. “With PowerSuite and URS the company is positioned as strongly competitive and ready to provide exceptional service.”
URS manages treaties for ceded, assumed, retroceded, pools and affiliates. The comprehensive system automates attachment, calculation, and posting of premium and loss cessions and retrocessions. Support for managing receivable, payable, and funds withheld sub-ledger balances is included. URS also facilitates statutory reporting, including Schedule F Exhibits and Schedule P.
About StoneRiver – Insurance Solutions
StoneRiver – Insurance Solutions delivers the industry’s widest range of technology solutions and services to insurance carriers, agents, and broker-dealers. This versatile product group encompasses front-office, policy, claim, rating, underwriting, billing, reinsurance, financial and compliance solutions for all major business lines.
About StoneRiver
Hundreds of insurers, thousands of agents and brokers, and tens of thousands of pharmacies rely on StoneRiver software and processing solutions to achieve a competitive edge. StoneRiver promotes client success by streamlining complex business processes. StoneRiver was formerly Fiserv Insurance Solutions. Visit www.stoneriver.com for more information.
Additional Contact:
Lori Soppe, VP, public relations
StoneRiver
319-398-0548
lori.soppe@stoneriver.com
