Support services company Ins-sure Services has bought the trading assets of Worldwide Insurance Ecommerce (Wise), including Wise's email service and data translation and exchange facility.
Ins-sure provides business processing, policy administration and premium and claims settlement services to the London Market and European insurers.
Wise's customer base includes almost 70% of the non-life reinsurance market, 45% of the European commercial insurance market and nine out of the top 10 global insurance brokers.
Ins-sure will take over Wise's assets from the end of October and develop them into a new e-business platform for the international insurance industry.
Wise chairman Rob White-Cooper said he was excited about the deal, which was overseen by technology specialist investment bank Regent Associates.
"It'll speed up the development of new services - building on what Wise has achieved - to target the huge cost savings attainable by efficient e-business collaboration within the insurance industry," he said.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
