11 April 2005, London UK – Kinnect, the electronic platform which securely exchanges risk data and wordings between brokers and underwriters, has furthered its expansion in the Lloyd�s market by enlisting five new customers.
Managing agent AEGIS has signed contracts, while underwriters Catlin, SVB Holdings PLC and Talbot, and reinsurance broker Guy Carpenter, have all pledged their support and will sign contracts shortly.
This announcement brings the total number of Kinnect customers up to 15, with the platform�s underwriting businesses now representing 45 per cent of capacity at Lloyd�s.
Stuart Davies, Managing Director of AEGIS Managing Agency said: “The fact that five major players are all signing up to Kinnect at this time is a real vote of confidence. AEGIS believes that the modernisation of the London market has to be a key priority for all market practitioners. Kinnect is one of the few initiatives that holds out the prospect of real, tangible improvements in London’s electronic infrastructure in the short-to-medium term, so we are keen to throw our weight behind it.”
Edward Moss, Catlin Syndicate Director responsible for IT, said: �We believe Kinnect represents the best opportunity for the Lloyd�s market to move forward in terms of electronic trading and data capture capabilities. We look forward to working with the Kinnect team to ensure the success of this important endeavour.�
Geoff Bromley, Chairman of Guy Carpenter�s European and Asian operations, said: �We are delighted to join Kinnect and look forward to working with its team to further enhance the capabilities of the platform.”
Keith Parker, Chief Operating Officer, SVB Holdings PLC, said: �We are very pleased to support the Kinnect platform. Kinnect will assist SVB in its continuing efforts to reduce transaction costs and provide a more efficient underwriting service to its brokers.”
Gilles Bonvarlet, Chief Operating Officer at Talbot, said: �We look forward to joining Kinnect and becoming part of an electronic platform that is going to help this market change the way it does business forever.”
Kinnect Chief Executive Toby Davies said: �The fact that Kinnect�s underwriting customers now represent almost half of Lloyd�s capacity clearly shows its increasing importance to the market, and more businesses are expected to sign up later this year.
“We welcome this support. By setting up an electronic audit trail of risk data, Kinnect is crucial to addressing the problems of data transfer, inefficient process and lack of contract certainty that can limit our industry�s ability to manage cost and risk.”
The pledges of support follow an ongoing initiative by leading brokers Marsh and Willis to explain the increasing benefits which Kinnect will offer in 2005 and 2006.
The new businesses join Kinnect�s existing customers: brokers Marsh and Willis and underwriters ACE European Group, Amlin, Ascot, Beazley, Markel, Wellington, Hiscox and Liberty Syndicates.
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, reduces legal disputes, and therefore improves contract certainty. Kinnect is currently user-governed with the intention of becoming user-owned in the longer term.
AEGIS Energy Syndicate 1225 is the London-based Lloyd�s operation of Bermuda-based US mutual insurer AEGIS (Associated Electric & Gas Insurance Services Limited). Its capacity for 2005 is �165 million.
Managed by AEGIS Managing Agency Limited, the syndicate was originally created to provide global insurance facilities for AEGIS members. Its focus has now widened and includes leading a wide range of onshore and offshore energy risks in the Lloyd�s market. As a result of this success the London team has expanded to 70 people over the last five years. www.aegislink.com
About Catlin Group
Catlin Group Limited is an international specialist property/casualty insurer and reinsurer writing more than 30 classes of business worldwide. Catlin wrote gross premiums of US$1.43 billion and reported record net income of US$154.1 million in 2004. Catlin shares are traded on the London Stock Exchange (ticker symbol: �CGL�).
The Catlin Group consists of three underwriting platforms, including the Catlin Syndicate at Lloyd�s. The Catlin Syndicate (Syndicate 2003) is one of the 10 largest syndicates in the market based on 2005 stamp capacity and is recognised as a leading underwriter of diverse classes of business. www.catlin.com
About Guy Carpenter
Guy Carpenter & Company, Inc. is the world’s leading risk and reinsurance specialist and a part of the Marsh & McLennan Companies, Inc. Guy Carpenter creates and executes reinsurance and risk management solutions for clients worldwide through 2,600 professionals across the globe. www.guycarp.com
About SVB Holdings
SVB Holdings PLC (�SVB�) is an integrated Lloyd�s vehicle. Operating through Lloyd�s syndicates 1007 and 2147, SVB is diversified by product and diversified by method of distribution. It underwrites a range of specialist direct and reinsurance risks. SVB�s subsidiaries include Fusion Insurance Services and Novae Underwriting. SVB aims to provide the London and regional markets with superior underwriting and first-class service levels. For 2005, SVB�s syndicates have combined premium capacity of �437 million. www.svb.co.uk
Talbot underwrites at Lloyd�s, through its Syndicate 1183, a wide range of marine and energy classes of business, as well as war, terrorism and political risk, property, financial institutions, contingency and treaty business. Chief Executive, Michael Carpenter, and Director of Underwriting, Rupert Atkin established Talbot Holdings in November 2001, together with US-based investors led by Heidi Hutter and Jay Novik of Black Diamond Group LLC. Major investors in the business include funds managed by Olympus Partners, a leading private equity firm based in Stamford, Connecticut; Reservoir Capital Group, a private investment firm based in New York, and ICG plc, Europe�s leading provider of mezzanine finance. www.talbotuw.com