Trumbull, CT (PRWEB) December 21, 2005
Risk Innovations, LLC and Strategic Risk Solutions Inc. (“SRS”) announced that they have formed a joint venture that will facilitate the sale of Transurance to large global companies. The joint venture will take the form of a program administrator that will coordinate the marketing, underwriting, administrative, and claim payment functions necessary to offer Transurance. The company will be located in Bermuda and will act on behalf of Bermuda property insurers that want to sell Transurance to the largest companies in the US and worldwide to supplement their property insurance coverage.
“Bermuda is the ideal location for setting up this facility due to the proximity of its underwriters, their familiarity with subscription policies, and because it has the capacity, the expertise, and the desire to write more property insurance,” said Bruce Thomas, President of Risk Innovations. “SRS is known for the excellence of the services it provides, and we are delighted to have them as our partners in this important venture.”
Transurance is a new form of insurance that supplements traditional insurance recoveries to pay for collateral damages that are not covered. The payout bears an agreed mathematical relationship to the recovery from a traditional insurance policy, and the proceeds can be used as the policyholder sees fit.
“Costs that are collateral to insurable losses are a huge issue for most corporations, and Transurance represents a major breakthrough by enabling these costs to be insured,” said Brent Clark, Managing Director of SRS. Transurance is an innovative product with an extraordinary value proposition. It makes more risk insurable and helps make traditional insurance work better.”
Transurance is the first important insurance product for which patents are pending on the underlying underwriting and loss adjustment methods. “We intend to use our patent rights to assure that the Transurance market develops in a way that benefits all market participants,” said Ware Preston, Risk Innovations’ Vice President. “The transparency, liquidity, and accessibility that we want this market to achieve are more important than ever.”
Risk Innovations, LLC helps find and promote solutions to complex business issues. More information about Transurance can be found on the company’s web site at http://www.riskinnovations.info.
Strategic Risk Solutions, Inc provides captive management, program management, and advisory services. More information about SRS can be found at http://www.strategicrisks.com or by calling Brent Clark at (781) 672-3454.
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