Marrikel, the specialist broking technology firm, has today announced that it will rebrand as Re Square, with immediate effect. Re Square has entered into a new partnership with The Numerical Algorithms Group (NAG), the world-leading experts in numerical algorithms and high-performance computing (HPC). Re Square will offer its auction technology, developed in collaboration with NAG, direct to brokers who wish to provide auctioning capabilities in-house.
Re Square will continue to offer its existing product suite, including licensing of its broking platform. James Karim, Founding Partner, commented “We are committed to improving the adoption of technology in the reinsurance market. While licensing is the right solution for many participants, we recognise that some brokers wish to retain full ownership of their placement infrastructure. We look forward to providing them with the complex auction capabilities clients increasingly desire.” Frederik Eloff, Founding Partner, added “We are delighted to partner with a company of NAG’s distinction and to bring their expertise to our marketplace.”
“NAG enjoys a unique position in the world of numerical computing, mathematical optimization, HPC and financial services” said NAG CEO Adrian Tate. “We have seen broadened use of mathematical optimization across financial services and there appears to be great potential in expanding the use of algorithmic allocation techniques in the reinsurance market. We are excited to partner with Re Square, whose combination of industry knowledge and mathematical modelling is compelling.”
The broader Re Square broking platform enables brokers to manage the entire reinsurance transaction-flow, integrating multiple concurrent placement strands from marketing through to digital execution. As well as auctions, placements can include firm-order-terms, private deals and indicative bidding. Transparent workflows not only ensure efficiency at the transaction level but are packaged into team workflows covering multiple placements.
Since 1970, NAG has provided industry-leading algorithms and HPC services globally. The company offers the NAG Library - the most rigorous and robust collection of numerical algorithms - along with advanced products in Algorithmic Differentiation, PDEs, and Quantitative Finance. NAG also provides world-class technical consultancy across HPC and Cloud, mathematical optimization and other areas of numerical computing.