Marrikel rebrands as Re Square

UK-based Marrikel, the specialist broking technology firm, has announced that it will rebrand as Re Square . Re Square has also entered into a new partnership with The Numerical Algorithms Group (NAG), a provider of algorithms and HPC services. The company 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.

“We are committed to improving the adoption of technology in the reinsurance market. While licensing is the right solution for many participants, we recognize 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.” – James Karim, Founding Partner.

“We are delighted to partner with a company of NAG’s distinction and to bring their expertise to our marketplace.” – Frederik Eloff, Founding Partner.

“NAG enjoys a unique position in the world of numerical computing, mathematical optimization, HPC and financial services. 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.” – NAG CEO Adrian Tate.

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.