Ri3k, the global reinsurance trading platform, has launched its sister company, RI3K Asia Exchange, to capitalise on the $40bn (£27.4bn) South-east Asian market.

RI3K's marketing manager, Roddy Langley, said the Singapore-based company would employ eight permanent staff and would act as a “franchise and autonomous operation” from the UK division launched two weeks ago.

RI3K will also offer insurers, brokers and reinsurers in the region a common, market-wide and cheaper means of sharing risk.

The flexible technology enables the entire reinsurance process to be managed from start to finish and incorporates premium and claims e-settlement.

RI3K Asia's managing director, David James, said: “The Asia Pacific reinsurance market is modern and open-minded enough to see the extent of the opportunity.

“With RI3K technology, it can create a dynamic local electronic exchange which will provide efficiencies for the whole community.”