Ascot Underwriting has acquired Eclipse Annual Accounting from insurance software specialists Sequel, becoming the fifth company to sign up to the software.
In addition, Sequal confirmed that Lloyd's SVB Syndicates have successfully gone live with the system.
David Smith, managing director of Sequel, said: "Customers are making savings of 25% in terms of time spent on producing their accounts - we're making it easier for market players to modernise. We're seeing a clear trend; forward thinking insurance companies are gaining commercial advantage by investing in the right technology.
"In the insurance industry, the price of standing still is high. You only have to look at this year's Lloyd's returns - and the blood, sweat and tears shed over them by so many organisations."
Smith concluded: "Lloyd's, the FSA and the International Accounting Standards Board are stepping up the compliance and regulatory pressure - so the clock is definitely ticking for those organisations still taking the spreadsheet approach to annual accounting."
