ri3k has announced the sale of the Run Off Centre to actuarial consultants James, Brennan & Associates.
The deal, which is subject to contract, provides James Brennan & Associates with an exclusive license to use and develop the Run Off Centre's web based software.
The Run Off Centre was built in 2001 when ri3k was known as city3k and it was soon after named The Debt Market.
In 2001 city3k renamed itself ri3k and in 2002 The Debt Market was re-launched as The Run Off Centre.
Alex Letts, chief executive of ri3k, said: "This sale is a logical progression that will take place with most of our technology builds. We are now focusing exclusively on the development of our European and US reinsurance hubs."
Dewi James, chief actuary at James Brennan & Associates said: "The Run Off Centre provides us with a powerful tool to assist in the implementation of our innovative solutions in the reinsurance forum.
"It will also prove useful within complex insurance groups in consolidating data on counter parties leading to negotiated settlements. We look forward to working with existing and new users to further enhance this product."
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