Brma.org is a networking membership for reassurance professionals
Title
Brokers and Reinsurance Markets Association Home Page
Description
In 1986, ten underwriting companies and eight reinsurance intermediaries joined together to form the Brokers & Reinsurance Markets Association (BRMA). Their goal was to promote, independently and together, the best possible internal and external treaty reinsurance service environment in the United States. Today, BRMA has succeeded in creating a networking forum in which to study the issues and challenges facing treaty reinsurers.
Independence and competition have long been traditional hallmarks of the U.S. reinsurance industry and undoubtedly the source of its undisputed product quality and breadth. But there is a downside to this corporate competition and individuality. One example of this is multiple individual solutions to what are really common industry operational issues. BRMA members believe that developing common solutions to these issues will increase the industry's efficiency, without jeopardizing competition.
As a result, BRMA members monitor and refine common operational issues by means of a committee review process, which evaluates and recommends industry-wide guidelines. In paying claims, for instance, each company has different operational procedures. To provide reinsurance customers with high-quality service while addressing those differences, BRMA members proposed a Fast-Track Claims Procedure, which responds promptly to claims. Another shared interest is Contract Wording. Here too, BRMA members have helped clarify differences in treaty contracts by compiling and publishing a definitive, Contract Wording Reference Book, now available on-line. This resource has become the encyclopedic benchmark for treaty reinsurance contract language.
