irX Membership provides access to insurance risk exchange, a suite of web sites that form a global platform for Trading Insurance Risk. This is like an MTF (Multilateral Trading Facility) for trading insurance risks; established to allow commercial insurance brokers and insurers to trade simple and large complex primary insurance risk and reinsurance directly linked to the associated primary insurance risk. Our goal is to bring transparency and structure to insurance trading.
irX offers six different types of company membership. Further details on the criteria for each membership can be found in the irX Rulebook.
Client members are companies who purchase insurance coverage from commercial insurance brokerages. As a client member your firm will have access to the platform to collaborate electronically with your broker on the listing and following processes to improve overall transparency in your insurance coverage purchase with your broker; increase the speed of execution, and have access to new sources of insurance coverage and real time analytics.
Broker members are companies who are authorized commercial insurance brokerages who acts as intermediaries between their client and the insurer to source the required insurance coverage for their clients. As a broker member your firm can use our market trading platform to trade insurance risk with the most competitive underwriters, and are able to match to participant’s locations and match to continuous changes in capacity across the global landscape; benefits include easier access to global capacity, continuous electronic trading of insurance risk, reduced operational costs, and real time analytics.
Insurer/underwriter members are authorized insurance companies that underwrites an insurance risk and under takes to indemnify for losses. As an insurer/underwriter member your firm can use our market trading platform to trade insurance risk, and electronically offer your risk appetite to brokers searching for capacity. The insurance risk exchange provides your firm with easier access to global client pool, continuous electronic trading of insurance risk, reduced operational costs, increased transparency, and real time analytics.
Managing General Agents
A Managing General Agent (MGA) is an individual or business entity appointed by an insurer to solicit applications from agents for insurance contracts or to negotiate insurance contracts on behalf of an insurer and, if authorized to do so by an insurer, to effectuate and countersign insurance contracts. And may perform one of many tasks normally performed by an insurer. These include but are not limited to, sub-contracting with independent agents for placement of business, negotiating commissions, handling claims, issuing policies, processing endorsements, collecting policy premiums or being responsible for completion of regulatory reports for regulatory agencies.
Service Provider Members
Service Provider members are insurance related service provider companies that provide services such as risk assessment and decision analytics for the insurance industry. As a Service Provider member your firm will have access to information relative to service provision, real time analytics data to provide advisory services such as risk pricing, claims analysis, etc.
Regulator members are either government or non-government organizations that regulate or supervise the financial services and insurance industries and subjects these financial institutions and insurance companies to certain requirements, restrictions and guidelines, aiming to maintain the integrity of these industries. Regulator Members in support of our exchange’s mission to promote just and equitable principles of trade, encourage free and open markets can liaise with irX to improve overall transparency and regulatory compliance of the commercial insurance industry.
irX Membership is for companies only; applications from individuals cannot be accepted. The process of becoming an irX Member consists of two phases: an initial online Member Registration phase and a Membership Approval phase. During the initial online Member Registration phase the applicant firm’s membership type applying for, their basic business details and primary contact’s details are provided to our membership team to process the application. Subsequently during the Membership Approval phase the firm's applicability for membership will be assessed based on the criteria set forth in the irX Rulebook. Each applicant firm will be examined for its financial, operational, and compliance quality. Upon membership being approved the company will need to complete and sign the Member Agreement and also sign any other required legal documentation.
Companies wishing to become an irX Member should click on MEMBER REGISTRATION and complete the online Member Registration application form. A representative of our membership team will be in contact to discuss and progress your application. Once your firm’s membership has been approved and the membership fee received, your company’s employees will be able to sign up and create their account to have access to the irX ‘s services.
Client Member Agreement
Broker Member Agreement
Insurer/Underwriter Member Agreement
MGA Member Agreement
Service Provider Member Agreement
Regulator Member Agreement