10 January 2005, London UK – Kinnect, the electronic system for securely exchanging risk data and wordings between brokers and underwriters, has extended its reach into the Lloyd�s market by signing up two new customers.
Managing agent Hiscox has now joined Kinnect, while Liberty Syndicates has pledged its support and will sign contracts shortly. This brings the total number of Kinnect customers to 10.
Kinnect Chief Executive Toby Davies said: �This is a great start to an important year for Kinnect, and we are delighted that two more major players in the market have joined us.�
He added: �We will build on the significant progress we made in 2004, by developing Kinnect to handle endorsements, signing up more clients, and moving rapidly into further risk classes.�
Hiscox CEO Bronek Masojada said: �Market reform is picking up pace and I see Kinnect as playing a central role in achieving contract certainty. We are pleased to add our weight behind this initiative to make the London market more efficient, and will work closely with Kinnect as it enhances the functionality of the platform and moves into further risk classes.�
Sean Dalton, Managing Director of Liberty Syndicates, said: �Kinnect plays a vital role in modernising the insurance industry and we are delighted to be a part of it. We look forward to working with the initiative at an important time in its expansion throughout the market.�
Both businesses join brokers Marsh and Willis, and underwriters ACE European Group, Amlin, Ascot, Beazley, Markel and Wellington as Kinnect customers.
Kinnect is a Lloyd�s sponsored business that facilitates the electronic capture and transfer of risk data between brokers and underwriters to lock down contractual terms including risk disclosures. Recording transactions properly aids regulatory compliance, improves the speed and efficiency of settlement and claims, and reduces legal disputes.
Kinnect is transitioning to user governance with the intention of becoming user-owned in the longer term.
Hiscox plc is a specialist insurance group listed on the London Stock Exchange where it has a market capitalisation of circa �500 million. There are three main underwriting parts of the Group � Syndicate 33 at Lloyd�s, UK Retail and International Retail business. Syndicate 33 underwrites mainly internationally traded business in the London Market – generally large or complex business which needs to be shared with other insurers or needs the international licences of Lloyd�s. The UK Retail business offers a wide range of specialist insurance for professionals and business customers, as well as high net worth individuals. It has regional offices in Birmingham, Glasgow, Leeds, Maidenhead and Colchester. The International Retail business has offices in Paris, Amsterdam, Brussels, Munich and Guernsey. The European offices write mainly high value household business and some specialist professional indemnity business. The Guernsey office underwrites kidnap and ransom business and fine art.
Liberty Syndicates was established in 1994.It has a combined staff of 100 and an underwriting capacity for the 2005 account of �716 million. From January, 2005 Syndicates 190 and 282 will be merged to form single Syndicate 4472, which has underwriting offices in London, Paris and Cologne. As a wholly owned subsidiary of Liberty Mutual, its parent company’s pedigree and global reputation guide its high standards of professionalism and reliability. Globally, the Group’s underwriting activities are managed through Liberty International. The Lloyd’s Syndicates and London are an integral part of the Liberty Mutual Group.