Brokersoft, the broker system provider that stopped trading two weeks ago, is now in talks with a new rescue partner, Cox Insurance Retail Division.

The Milton Keynes-based company had been the target of a rescue bid led by insurance broker Topaz.

Cox Retail chief executive Neil Utley said: "Cox is exploring all possibilities with Brokersoft... Many high quality intermediaries use the Brokersoft system and we are keen to provide them with every assistance."

Topaz managing director Richard Mikula said he was disappointed that his bid had been rejected, but that if Brokersoft could continue trading, a "common aim" would be achieved.

Brokersoft stopped trading two weeks ago claiming that broker apathy and a lack of insurer co-operation on full cycle EDI development had caused it to lose too much business to survive.

Its closure left an estimated

80 brokers without trading systems.