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LOGiQ³ wins second major client out of Bermuda

Life reinsurance services company handles inforce block deal for reinsurer's run off account

22nd February 2010: Life reinsurance services company LOGiQ³ Inc has won its second piece of significant Business Process Outsourcing business from a well known life reinsurer based in Bermuda.

LOGiQ³ is now providing reinsurance administration and claims resources, with the IT support and infrastructure being provided by the reinsurer, for approximately 650,000 cessions within a run-off inforce term life block.

A spokesperson for the life reinsurer comments:

"LOGiQ³'s speed of deployment - we went from agreement to being live in six weeks - was impressive and flexible, allowing us to keep our business on existing platforms, thereby removing the need for a potentially costly data conversion from one platform to another."

"LOGiQ³ was responsive to our needs for a tailored solution and worked closely with us to ensure its delivery," the spokesperson added.

Simon Bell, Chief Operating Officer of LOGiQ³ says this new piece of business illustrates that LOGiQ³ can now provide a complete or, as in this case, tailored package:

"We carried out a risk review for the reinsurer earlier in the year as part of their business continuity planning process, so we already knew a great deal about the processes and systems which helped the speed of transition."

LOGiQ³ is one of the leading agents of change within the life reinsurance industry, combining experienced industry personnel together with processes and bespoke technology across all the business functions.

Now employing 15 people, the company targets knowledge gaps within the life reinsurance industry and has built a team who focus on risk management, process best practices and achieving operational excellence.

About LOGiQ³

Founded in 2006 by Chris Murumets and Simon Bell, LOGiQ³ focuses on life reinsurance providing a variety of professional services including auditing, consulting and outsourcing to more than 15 companies in North America from its offices in Toronto, Canada, and Cardiff, UK.

In September 2008, LOGiQ³ was placed 16th by Canada's PROFIT magazine in its annual PROFIT HOT 50 ranking, the first company from the life reinsurance industry to be recognised since nominations began.

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 in defining data standards for the life reinsurance industry.