Discontinuation of the inreon Reinsurance Marketplace

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LONDON � May 7, 2003. inreon has announced the discontinuation of its online marketplace for the reinsurance industry. Since the launch of the platform, the volume of risks processed via the platform has shown consistent growth. However, the total number of risks transacted remained low compared with total market volumes and fell significantly short of targets initially set by inreon.

Despite not securing ongoing funding for the platform inreon believes that electronic risk placement will play an important part in the future of the reinsurance industry.

Over the past two and a half years inreon has raised the profile of electronic trading within the reinsurance industry. Considerable member interest has been attracted with more than 130 international companies from across Europe, North America and Asia signing agreements to trade online.

The platform will remain in operation in the short term to support all current pending placement processes and any client documentation and data needs.