16 August 2004 – Ascot, the Lloyd�s managing agency, has become the latest company to sign up with Kinnect, the Lloyd�s-sponsored initiative that captures and transfers risk data across a secure electronic platform.
The company joins a growing section of the Lloyd�s market that is able to receive structured and unstructured data electronically from brokers, working to an agreed submission process. Currently confining its scope to North American property, this user group is steadily increasing its take up and use of the Kinnect technology.
Commenting on the decision, Ascot�s Operations Director, Andy Stears, said: �We have followed Kinnect�s progress with great interest over the last year and Ascot believes that the time is right to put our weight behind this initiative. The recent increase in the number of North American Property risks passing through the Kinnect Platform from Marsh and Willis is of particular interest to us as this is an opportunity to build even closer links with these brokers within this major risk class for Ascot.�
Kinnect�s Chief Executive Toby Davies commented: �We are delighted that Ascot has chosen to work with Kinnect following a detailed feasibility study. Ascot�s commitment is another step towards our goal of broad adoption and will stimulate further interest in Kinnect within the market.�
In 2003, Ascot reached a capacity of �340 million in premiums in a range of classes of business including property, political risks and terrorism, marine and energy.
Ascot is backed by American International Group (AIG), the largest underwriter of commercial and industrial insurance in the US.
Kinnect�s other customers are brokers Marsh and Willis; underwriters ACE European Group, Amlin, Beazley, Markel and Wellington.