Lloyd's-based managing agents Brit and Spectrum have signed agreements with insurance technology provider Sequel to implement its Eclipse system.
Brit will use the Eclipse system, a processing, management and administration solution targeted at Lloyd's and the London market, across all Brit syndicates and company market underwriters.
Sequel managing director David Smith said the company beat rivals Intech and Rebus iS for the contract. One of the primary drivers behind the decision, he said, was Brit's expansion outside the Lloyd's market.
"Brit wanted a system that had the capabilities to offer a single model for both the Lloyd's and London market operations.
"It cut costs because there is no longer a duplication of technical effort."
Spectrum has appointed Sequel to provide the Eclipse system for its syndicates' run-off business.
Spectrum's chief actuary Stavros Martis said the system would provide "total run-off support" over the next few years.
Smith said opportunities in run-off and the P&I clubs were areas of expansion for the company. He predicted that Sequel could achieve around £10m - £11m annual turnover over the next few years.
"Our rivals such as Intech, Rebus and Room Solutions range roughly between £8m and £11m in turnover. So there is no reason why we can't take that kind of share."
These latest deals consolidated a successful year for the company in which it has supplied the Eclipse system to Lloyd's underwriter RJ Kiln and managing agents Greenwich and Atrium.
The system has been supplied to help these insurers to adapt to the one-year GAAP accounting system rule introduced under Lloyd's CSG.
Smith said the greatest challenge for the company was to convince Lloyd's managing agents - such as Chaucer and Catlin, which are looking to build in-house underwriting systems - that the Sequel product can offer an easy, one solution option.
"The proposition can be tuned to the customer needs."
