Brokersoft in rescue talks
Broker system provider Brokersoft stopped trading and entered rescue talks with insurance broker Topaz and an unnamed insurer. The talks fell through as Cox moved in …
Brokersoft in rescue talks
Broker system provider Brokersoft stopped trading and entered rescue talks with insurance broker Topaz and an unnamed insurer. The talks fell through as Cox moved in. Brokersoft director Gary Weatherill blamed broker apathy and Fortis for the company's woes. He claimed Fortis had failed to help Brokersoft develop a full-cycle electronic data interchange (EDI) offering.
CSC sells broker system
In a further shake-up to the broker system market, Computer Systems Corporation (CSC) sold its broker systems business to Software Solutions Partners - a new company formed by four former
CSC managers. The business includes CSC's Quotel, Electra, Ultra and Grapevine packages. CSC is also in talks with insureE-com about selling its WinTAM back-office system.
MCS profits soar
Profits at commercial lines broker system company MCS reached £275,000 for the first quarter of the year, equivalent to 65% of the profits for 2001. MCS business development director James Sharp said the profit leap had been aided by a management buyout from MCS Global last year.
Sirius holds dividend
Broker system provider Sirius announced a dividend of 1.5p per share despite posting a pre-tax loss of £281,000 for 2001. The dividend is the same as last year, but, in 2000, Sirius made a profit of £725,215. Turnover rose by £300,000 to £17.4m in 2001.
Rival repositories
The London Market's continuing flirtation with all things technological continues. Electronic slips are being used, albeit with some trepidation, and now data repositories are opening. First, Xchanging Insurance Services opened one for the London Market Principles and then Aon followed suit. It seems
Marsh will be getting in on the game by developing its own repository. Watch this space...
Acturis goes live
July sees the long-awaited arrival of Acturis in the commercial lines market. Backed by four regional superbrokers, Acturis will go live at the offices of Bland Bankart, which is bad news for MCS - Bankart's current software system provider. Acturis has signed a timely deal with e-commerce system insureE-com, whereby insurE-com supplies its personal lines rating facility in return for access to the commercial lines market.
