Scribestar aims to streamline documentation for ILS & reinsurance

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With the insurance-linked securities (ILS) and reinsurance marketplaces being document-heavy, UK-based legal and regulatory technology company Scribestar has an ambition to streamline document production and compliance for these sectors and is rolling out its platform globally.

Scribestar offers a secure collaboration platform that can automate and streamline the administration of paper-heavy processes related to the structuring of complex financial transactions and documents use-cases in private and public markets.

Already, Scribestar has worked with an unnamed Bermuda based reinsurance company that sponsored a 144A catastrophe bond, to help it prepare and manage the extensive documentation used within such an ILS transaction.

Scribestar is already a tech-service provider to the London Stock Exchange Issuer Services Marketplace, with its technology having been used by law firms, issuers, and complete deal teams to produce capital markets documents, compliance forms and checklists for a range of public issuances and private transactions.

The goal is to provide an efficient and cost-effective document production and publication process for high quality outputs, Scribestar explained.

Working with the Bermuda-based reinsurer, Scribestar’s platform enabled the company to collaborate among the lawyers, sponsors, and issuers, providing a single source of truth for inputting information to the 144A catastrophe bond documents, while streamlining legal and administration processes, and helping it to be ready to access the market at the optimal time.

Having been trialled in the ILS and reinsurance markets, Scribestar says it has “identified documentation production and compliance challenges that its technology is well-positioned to alleviate.”

The ILS and reinsurance market is well-known for its inefficiencies when it comes to documentation and Scribestar aims to improve that, regardless of the transaction type (private, Rule 144A, specialty, etc.).

Srinivas Suravarapu, CEO of Scribestar explained, “We are excited to offer our unique platform for use in the ILS and Reinsurance market and look forward to introducing it to issuers, lawyers, sponsors and other market participants. Having spoken extensively to reinsurance brokers, sponsors and the Bermuda Stock Exchange about challenges in this space, we followed it up with extensive testing, trials and integration of market rules, forms and checklists.

“We are confident that some of the best practices we have learned from capital markets can now be passed on to users in this sector by offering a secure and seamless service that brings meaningful efficiencies to their operations. We invite them to reach out to us to learn more and see the platform in action.”

Scribestar aims to streamline documentation for ILS & reinsurance was published by: www.Artemis.bm
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