RI3K has dismissed reports suggesting US company Advisen is considering a bid for all or part of Brit's 85% holding in the electronic trading platform.

According to reports, Advisen could make an offer on Brit's £20m share in the trading marketplace, which has a growing reputation in the reinsurance industry.

But Alex Letts, chief executive of RI3K, told Insurance Times: "At any point in any company's life, people may or may not make a bid. You cannot stop them. It is just something that can happen. But there is no specific agenda here."

Concern has been expressed in the past that, as a majority shareholder, it has impeded Brit competitors from using the system.

Letts said: "Brit has always taken a very enlightened view on this that, if that is the case, then maybe something needs to be addressed by selling down its share. But that has been the case for a number of years, which is why I am surprised by the report because no one's position has changed."

"If at some point people are interested in making a bid then we shall pursue that."

Brit is estimated to own £10m worth of shares in RI3K and provided a £10m debt facility.

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