RI3K has announced the extension of its system to allow facultative business to be traded via its electronic reinsurance hub.
The system will handle all classes of facultative business, it said.
The first facultative trades expected to be placed on the system are international property and marine and US life retrocession business, a statement said.
RI3K chief executive Alex Letts said the platform was supporting the market in achieving contract certainty by keeping an electronic record of all deals between the buyer, broker and reinsurer.