The world's first online market place for the global reinsurance industry to resolve or trade its uncollected debt has come to Asia. Capitalized in May last year by a strategic investment from BRiT Insurance Holdings plc. The global reinsurance e-commerce venture is founded by chief executive officer Alex Letts, and employs 20 staff with insurance and technology backgrounds.
Debt collection is a huge issue facing the industry.
The Debt Exchange is a screen-based market place where relevant information concerning debts and collectibles is published. The exchange provides a unique global resource. It allows the industry to locate, sell, buy, swap or assign debts, as well as pool market intelligence on debt-related activity. We are confident that we can turn this market into a nascent market place producing benefits all round. At the pricing level fixed by city3k, I am sure the Debt Exchange will be well supported by the industry.