April 2002
Lloyd's creates a new £16m website for brokers to advertise risks online, codenamed Project Blue Mountain (PBM)
October 2002
PBM changes lines of business it will launch to commercial property, directors' and officers' (D&O) and errors and omissions (E&O) classes
January 2003
Project's costs are estimated at approximately £5m per quarter, leading to a debt of at least £50m by the time it can build a significant revenue stream based on access fees
March 2003
PBM users agree a deal to gain access to Xchanging Ins-sure Services' (XIS) full range of facilities
March 2003
The trading platform announces that it will be known as Kinnect when launched
April 2003
Kinnect names the first six companies planning to use its services as brokers Marsh and Willis along with insurers Ace European Group, Amlin, Beazley and Wellington
September 2003
Lloyd's has spent £40m so far on the Kinnect project, with provision for a further £15m outlay in 2004
October 2003
Iain Saville, the former chief executive of CREST, the stand-alone share settlement system at the Bank of England, appointed as executive chairman. He argues that Kinnect will be vital to achieving contract certainty
February 2004
The Kinnect system handles its first complex open market risk
January 2005
Marsh races to follow Aon in developing its own London market connectivity platform
September 2005
Kinnect considers granting a multi-million-pound contract to overhaul its existing IT platform to Indian outsourcing company Tata
September 2005
Both chairman Iain Saville and chief executive Toby Davies quit with only one in 10 of Lloyd's companies signed up to Kinnect
January 2006
The Lloyd's Franchise Board pulls the plug on Kinnect.
