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.