Three former Kinnect executives have travelled to the US for discussions with an American insurer about "sharing" the intellectual property of the electronic trading platform.

A senior market source told Insurance Times various parties were looking at the Kinnect source code.

Bermuda firms are also understood to be interested in the platform, which was closed by Lloyd's in February after five years and £70m in investment.

But the industry source warned that interested parties would experience the same problem as Lloyd's did in trying to convince the market to buy into a centrally controlled hub.

"The best bet would be a software house that knows how to run a large IT project and they would have to determine what the system would do, otherwise you are back to the old problem of decision making by consensus," the market insider added. Suggestions that Lloyd's is attempting to sell Kinnect's data and documentation, which has been valued at £5m, have been slammed by Lloyd's.

But a spokesman for the specialist insurance market confirmed that a number of organisations which were interested in "filling the market space" left by Kinnect had approached the corporation, and discussions were ongoing.

The discussions follow a letter in February from Michael Dawson, former interim chairman of Kinnect, in which he told customers that Lloyd's would continue to work with the market in support of electronic trading and provide the Kinnect intellectual property to "appropriate" commercial organisations.