Eight major reinsurers hope to trade upto £350m in premium through reinsurance trading platform ri3K.
The reinsurers will be active on the platform for the treaty renewals beginning 31 December 20 ...
Eight major reinsurers hope to trade upto £350m in premium through reinsurance trading platform ri3K.
The reinsurers will be active on the platform for the treaty renewals beginning 31 December 2003.
The group of eight ceding companies are: Ace Overseas General, Aviva, Talanx/HDI, Royal and Sunalliance (R&SA), Brit and Hiscox.
It is understood Allianz and Zurich are the final two.
Ri3K chief executive Alex Letts said: "This deal sees the fruition of our plans over the past two to three years.
"Reinsurers want a system that has the capability to collect data globally and then format it centrally.
"They also have a platform that allows them to transact and track prices globally."
The company is capitalised by Brit Syndicates which, according to sources, has invested around £12m in the project.
Letts would not confirm this, but said Brit had committed further investment for the coming year.
