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LONDON-Lloyd's of London is shutting down its Internet-based risk data platform, Kinnect, after five years and an estimated cost of about £70 million ($124.89 million).
Michael Dawson, interim chairman of the market-backed platform, wrote to Kinnect customers last week, informing them that the Lloyd's Franchise Board had decided not to continue funding the project. The board oversees the business plans of market participants, among other things.
The platform will be phased out and likely will cease operations by the end of March, a Lloyd's spokesman said.
The platform was intended to enable underwriters and brokers to securely transfer data according to a set of market-agreed business processes. It has 22 broker and insurer customers. Those customers will not be required to pay a fee for 2006, according...