RI3K acquisition supports London Market reforms

Technology (re)insurance trade system Qatarlyst has acquired RI3K, a London-based company that supports paperless transactions for the commercial (re)insurance industry.

RI3K supports brokers, buyers and carriers - facilitating transactions for over 4200 individual users including Aon, Swiss Re and Zurich.

The system allows users to collaborate, create contracts, distribute risk and transact in a faster and cheaper method than traditional paper-based processes.

James Sutherland, chief executive of Qatarlyst, said: “Our ambition is to become the single e-platform that supports existing distribution channels and markets with the next generation support tool for placement, claims and accounting workflows between counterparties.”

“We support the London Market Reform agenda and our aim is to win over all the major brokers and risk assumers in the London Market to using the single Qatarlyst platform to facilitate their business,” Sutherland added.