Alex Letts, chief executive of Ri3k, also highlighted the challenging nature of the broker market.

"Broker margins are tightening, so the brokers are really getting the squeeze and they have to change their business model anyway because of Spitzer.

"They will therefore have to change the way they do business and will have to open up and be more transparent."

But he noted how his business was booming.

"What we have built is live and trading, and it has an incredibly powerful business model.

"It has now traded over $2bn of reinsurance premium in the past two years since we turned the switches on.

"We have 1,000 users worldwide, 146 companies working in five continents and dozens and dozens of companies' branch offices. It has been quite an undertaking."