December 20, 2011: Insurance and reinsurance outsourcing company LOGiQ3 Corp is pleased to announce that the company completed the Statement on Standards for Attestation Engagement No. 16 (SSAE 16) Audit. SSAE 16 SOC I Type 2, formerly known as SAS 70. Concurrent with this, because of the Company's global customer base, LOGiQ3also obtained the CICA 5970 and ISAE 3402 Reports.
The successful audit is a notable milestone in that it assures clients that LOGiQ³’s business processes are designed and implemented to provide the controls required to properly manage their business. The attestation indicates that business processes, procedures and controls have been evaluated and tested by SAS 70 CPA, an accredited, independent third party.
Laura Prewitt, Vice President of LOGiQ³ and project leader on the SSAE16 process comments:
‘We’re extremely proud of what we’ve managed to achieve as an organization in the last few years. Reaching this milestone, with zero exceptions noted in the audit, is a strong indication of the quality of the processes, controls, and infrastructure we’ve developed in order to deliver the highest quality service to our clients.
'This should give both existing and potential clients confidence in the capabilities of LOGiQ³. We have to thank our team for their dedication and hard work that has led to this success.’
A spokesperson from a major Reinsurer who has been a client of LOGiQ³ since 2009 comments: ‘We are pleased to see that LOGiQ³ has adopted the latest in international audit standards. This provides reassurance to the operations and internal audit teams that we have a highly skilled, qualified business partner to deliver the services we need.’
LOGiQ³ is one of the leading agents of change within the insurance outsourcing industry, combining experienced industry personnel together with industry best practices to deliver value to its clients.
Notes for Editors
Founded in 2006 by Chris Murumets and Simon Bell, LOGiQ³ is an insurance and reinsurance outsourcing provider focused in underwriting, reinsurance administration, claims and audit to more than 25 companies in North America, the Caribbean and Europe from its offices in Toronto, Canada, and Cardiff, UK.
Chris Murumets, Chief Executive Officer, has been in various sectors of the reinsurance service chain since 1990 and prior to LOGiQ³ worked with Sun Life Reinsurance.
Simon Bell, Chief Operating Officer, has a broad technology background and previously worked for Friends Provident in the UK. Former co-chairperson of the ACORD life reinsurance working group, he helped define data standards for the life reinsurance industry.
The company, now employing 19 people, has targeted knowledge gaps within the industry and built a team who combine big picture awareness with a detailed understanding of issues facing organizations today.
In June 2011, LOGiQ³ placed 25th in the 23rd annual PROFIT 200 ranking of Canada's Fastest-Growing Companies by PROFIT Magazine. http://www.logiq3.com