U.S. Treasury Department Selects Benfield’s Paragon to Administer Terrorism Risk Insurance Program

Independent reinsurance intermediary Benfield announced that the U.S. Treasury Department has selected its subsidiary, Paragon Strategic Solutions Inc., a provider of reinsurance administration and asset recovery services, as the Administrator and Statistical Agent for the Terrorism Risk Insurance Program (TRIP) effective immediately.

“In this capacity, Paragon will provide the U.S. Treasury Department with a complete, end-to-end solution for the establishment, activation (if necessary), and management of the TRIP Claims Management Facility and Statistical Agent functions,” said the bulletin. “Paragon’s services to the U.S. Treasury Department will include mission-critical and seamless systems for claims submissions and processing, statistical analyses, reporting, and general TRIP program support.”

“We look forward to utilizing the knowledge and skills of our expert claims, business analysis, and technology staff, as well as the statistical agent, data management and reporting expertise of our subcontractor Insurance Services Office, Inc. (ISO), the world’s leading source of information about risk, to effectively manage the TRIP operating facility,” stated Paragon Executive VP Kevin Campion.

Benfield’s CEO Rod Fox commented: “We are delighted to have been chosen by the U.S. Treasury Department for this important role. Winning this contract highlights a very important aspect of Paragon’s overall mission to provide outsourced reinsurance administration and asset recovery services.”