US company E-Insurance Systems has officially launched its web-based virtual insurance marketplace for commercial insurance in the London market this week.

It can be found at

The company is currently conducting a high-profile recruitment drive to attract UK insurers and brokers for the venture.

It promises to slash the cost of selling and underwriting high volume, small premium commercial insurance.

A new line of commercial business will be added each month to the site.

In the US, there are currently about 2000 brokers and 30 risk-carriers signed up for the site that will charge a transaction fee of 1.5% per deal.

Both UK and US brokers will be able to write international policies for all regions where they are licensed.

Co-founder and chief executive David Thorson said: “We have always viewed the London market as a cornerstone of our global business strategy.”