An underwriter from Axa Re Life has earned the dubious privilege of losing more money than anyone else playing Insurance Times' hit online game, Virtualia.

While 612 of his underwriter-colleagues have not lost a penny, the (un-named) underwriter is £7.25m down.

Virtualia is a fantasy island where players are invited to underwrite various risks. Players lose money when a big risk occurs and they have to pay the claim.

The latest information on the island's developments can be found on our website,

So far, 200 players have made a loss in the game which runs until next week. The prize for the most successful underwriter is a case of champagne.