Reinsurance Internet site folds

Internet reinsurance trading site “inreon” is closing shop after just a couple years in business.Low trading volumes are to blame, the company says, with growth not meeting targets. Last month, the company reported that online trading for the 2002-2003 renewal season and into the first quarter was growing, with more than 500 submissions for quotation made in the first three months of 2003.However, the company says “the total number of risks transacted remained low compared with total market volumes and fell significantly short of targets initially set by inreon.”The site was started two and a half years ago by a four-way partnership including Munich Re and Swiss Re. More than 130 companies had signed agreements to trade online. “The platform will remain in operation in the short term to support all current pending placement processes an any client documentation and data needed.”