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
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
In tandem with its objective of developing industry-wide innovations,
BRMA members play a significant educational role in the U.S. treaty
reinsurance industry. The goal is to help maintain an ongoing forum
for the open discussion of reinsurance issues. These views are shared
via White Papers on general
and specific issues of common interest to the reinsurance community.
BRMA previously organized and presented industry conferences on
a wide range of reinsurance topics.
BRMA funded and assisted in the development of the Associate
in Reinsurance (ARe) Designation Program through the Insurance
Institute of America, to ensure those high levels of industry professionalism
will be maintained in the future. The Association continues to fund
two scholarships for ARe candidates.