Six wise men to resolve Kinnect failure

Lloyd 's most influential managing agents are attempting to resolve the issue of electronic trading post-Kinnect in a bid to meet the FSA 's contract certainty targets.

Insurance Times had learned that Lloyd 's top six agents,known as G6,met on Friday and again on Monday to discuss the market 's e-commerce future.

G6,made up of representatives from Amlin,Hiscox, Wellington,Beazley,Kiln and Catlin,declined to comment on the meetings.

But an industry insider said the market only has between six to eight weeks to formulate a strategy on electronic trading to ensure it meets FSA requirements on contract certainty by the end of 2006.

A number of alternatives to Kinnect have been mooted in the market,with peer-to- peer systems the favoured solution for some brokers and insurers.

Alex Letts,chief executive of RI3K,argued the key would be a balance of peer-to-peer systems,Xchanging and a market-wide electronic trading platform.

He said:"This is very complicated stuff and it 's going to take one,two even three parallel but symbiotic solutions to help move the market forward."