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.
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. This resource has become the encyclopedic benchmark for treaty reinsurance contract language.
In tandem with its objective of developing industry-wide innovations, BRMA members play a significant educational role among its members in the U.S. treaty reinsurance industry. The goal is to help maintain an ongoing forum for the open discussion of reinsurance issues. These matters are discussed via Committee Meetings, Educational Forums and White Papers on general and specific issues of common interest to the reinsurance community. BRMA Educational forums consist of Lunch & Learn programs held nationwide exclusively for the membership, and Committee Rendezvous a 1.5 day educational seminar including presentations and interactive sessions on a wide range of reinsurance topics. The vast majority of BRMA’s educational efforts is a benefit of membership and not open to the public.
Additionally, 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.