Reinsurance giants create Internet exchange

The exchange, called Inreon, the first for the reinsurance industry, aims to offer insurers, brokers and reinsurers, a reliable and cost-effective way of transferring insurance risk.

Inreon will initially concentrate on certain types of property cover in the US, UK, France, Germany, Netherlands, Italy, Belgium and Spain. But other types of cover will be added over time.

Andersen Consulting, the management and technology consultant, is a partner in the exchange, which has its headquarters in London.