Howden, Pernix partner to power structured credit APIs
International re/insurance broker Howden has added Pernix Specialty as its newest API partner in its capital, advisory and placement business Howden CAP. The move reflects an ongoing digital transition in the structured credit insurance market, and comes on the heels of similar collaborations with Allianz Trade, AXA, Coface and Mosaic.
The partnership will enable Pernix to draw down on Howden CAP’s structured credit API, which makes policy submission data available for ingestion into internal underwriting applications in a structured, digital format.
Howden’s API solves inefficiencies within the insurance placement value chain and supplements management information relating to structured submission data.
Jay Hopkins (pictured), divisional director, Howden CAP, said: “Our partnership with Pernix is yet another proof point of the digital shift that is taking place within the structured credit insurance market. We’re delighted that Pernix has joined us on this journey and we look forward to taking our partnership to the next level. We welcome our broking peers to join us on our venture to enhance the efficiency of the insurance placement process for all participants – our door remains open.”
Kade Spears, CEO, Pernix, commented: “Pernix is different from its peers. The company is dedicated to political and non-payment risks insurance. Our experienced team is completely focused on underwriting individual risks. Pernix’s underwriting infrastructure is bespoke and this has enabled integration into Howden’s dataset in record time. The purpose of this singular focus is to provide Pernix’s partners best-in-class underwriting results.”
Paul Hillier, managing director, xTrade, added: “I’ve been hugely impressed with the speed at which Pernix have integrated with our API. They now have access to their structured credit risk data in real time, speeding up the process to deliver a leading service to clients. Our API aims to make it easy for our insurer partners to digitally connect with Howden’s distribution across a growing number of product lines.”
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