Talks to save Inreon collapsed last night, condemning the online reinsurance marketplace to closure.
An Inreon statement said: "Since the launch of the platform, the volume of risks processed via the platform has shown consistent growth. However, the total number of risks transacted remained low compared with total market volumes and fell significantly short of targets initially set by inreon."
An Inreon spokesman said the platform would remain in operation in the short term to support current pending placement processes.
Industry commentators blamed Inreon's fate on its failure to win the support of ceding insurers.
It was founded and owned by reinsurers Munich Re and Swiss Re, which had recently been trying to sell the business that employs about 30 people.
Reinsurance trading platform ri3k was approached but is believed to have been unwilling to pay the price being demanded.
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