Lloyd's earmarks £16m for new internet project

Lloyd's has set aside £16m to create a new website for brokers to advertise risks online. Last May, the 314-year-old market launched lloyds.com, an online service which matched intermediaries' needs with Lloyd's brokers and underwriters. This has attracted 4,750 registered users from about 150 countries.

Now it is planning a new site to complement lloyds.com and will offer customers the ability to find insurers on a central trading platform.

Under the codename Project Blue Mountain, Lloyd's has contacted individuals in the market about launching a new website. The potential users will help to identify a name for the site. One possible name is Riskhub.

A senior source said: "Lloyd's wants to build a system that allows people to post risks for underwriters to see them. It will also allow for management of that transaction."

He said the proposed site would rival other online reinsurance trading platforms such as RI3K and Inreon.

Market sources have said up to £16m has been allocated to create the trading platform.

Last month lloyds.com chief executive Ashok Gupta said he was "exploring" other ways to make the existing website more efficient.

Lloyd's was unable to comment, but confirmed it was involved in market research.