A new reinsurance broker, Reinsurex Intermediary Inc, is set to open a Bermuda office this summer.

The company, which has just been set up in New York, claims to be the world's first technology-enabled reinsurance broker.

The company said it will be moving an office to Bermuda to take advantage of the insurance market which exists on the Island.

The company will initially focus on intermediating property catastrophe transactions and co-founder and vice president Salvatore Tucci will be opening the office on the Island himself.

But he could not give a date for the opening and said he could not yet say how many staff would be at the office.

Reinsurex hopes to stand out from the crowd by using what it calls "relationship brokers''-- actual people for brokers rather than simply using a cursor on a web site.

And it will use superior technology to offer customers an unparalleled level of service and support, giving the company the cutting edge.

Mr. Tucci said the office in Bermuda would initially be small and that the company was currently working with Hollis & Co on incorporating on the Island.

He said: "The Bermuda office will offer all the facilities available in New York.'' Peter Crosby, president of Reinsurex, said: "We are not attempting to change how customers and brokers interact, rather we are providing our relationship brokers with the tools to structure and service reinsurance transactions more efficiently.

"Furthermore, our customers do not have to use our technology to benefit from it: the technology was designed to increase the operating efficiencies within our company.'' Mr. Crosby claims that the system, Reinsurex Brokerage System, is the only integrated web-based platform designed specifically for a reinsurance brokerage company.

And he said that from placement to servicing, the system streamlines the intermediation process.

Although designed for reinsurance brokers, the system can also be used by both cedents (the person initiating reinsurance) and reinsurers to improve the communication between Reinsurex and other parties in relation to any deal.

Mr. Crosby said there were no subscription fees for the service.

He said: "We do not charge subscription fees for using our system. We will use the Internet as simply another means of communicating with our customers.'' Reinsurex will be paid in the same way as other brokers -- upon successfully completing the intermediate transaction.

Reinsurex said it intends to price its services in a way that means the price reflects the effort used in brokering and servicing a product.

And on this basis, Reinsurex said it will intermediate index-based property catastrophe contracts for three percent of the premium, as opposed to the current market practice of ten percent.

In addition, the company will charge 7.5 percent to intermediate traditional property catastrophe contracts.

Reinsurex, at www.reinsurex.com, is a full service reinsurance brokerage company focused on providing property catastrophe reinsurance solutions.

It was incorporated in April 2000 and the company is owned by its management and a group of private investors.

The company says it will work with leading insurance and reinsurance companies within the property catastrophe market.