Lloyd's has given the new Kinnect board five years to turn the much criticised interconnectivity platform into a stand-alone profit making operation.
Iain Saville, Lloyd's head of business process reform, told Insurance Times: "I will be very disappointed if Kinnect is not close to breaking even by 2008."
"How quickly Kinnect breaks even depends on how rapidly the risk classes are rolled out, which was top of the agenda at last week's first monthly board meeting."
Saville said Kinnect's future funding from Lloyd's will be treated as a loan and will have to be repaid from 2010.
"It then has to start paying interest on the debt and repaying the capital," he added.
From June, Kinnect customers will be able to underwrite terrorism risks using the platform, and in the fourth quarter international property products will be available.
"What we need to do now is work out the priority order for next year for risk classes," said Saville.
The new eight-man board met on 4 March. Saville said: "These people are not advisers, they are directors of Kinnect Holdings with all the responsibilities and rights and powers that come with that role,
"It is their company, although it is formally owned by Lloyd's, they are directing it through the board strategic guidelines set down by Lloyd's."
' See next week's Lloyd's supplement for full interview with Iain Saville
