"When Risk2Risk launched the satellite facultative reinsurance product, it marked the completion of the first stage development of our secure independent web-based exchange for trading risks. We have developed another product that is currently being evaluated by trading principals. In parallel a third product is being prototyped with key underwriters both in the UK and abroad. At each stage Risk2Risk product development is driven by insurance industry needs."

"We are satisfying Industry demands by the development of trading products for trading on the exchange which in turn leads to the development of future products. All of our products are based on providing a solution to a particular need with a high level of inter and intra company communication. Hence our extensive use of Java, Jini and XML applications.

Through data transfer standards like XML, and related document standards, companies now have the potential to transfer information electronically, regardless of the systems they employ. Mr Williams noted that while the banking, logistics, wholesale, retail and manufacturing industries are all reaping the rewards of using XML, most of the insurance industry is behind in its implementation of XML.

"The reality of reduced costs, improved efficiency, security and greater control over capital will eventually convince all participants in the insurance process that electronic transfer of risks will be a vital part of a profitable venture" he said.

"Furthermore, insurers' results are under unprecedented scrutiny due to generally poor results and industry reorganisation. A saving of up to 70% in acquisition costs cannot be ignored in any business," he said.

Mr Williams added that Risk2Risk's exchange is founded on understanding of the distinction between those risks that benefit from, and even demand, the real value added services provided by the client/broker relationship and those that do not.

The event was held to celebrate the operational exchange. Representatives from leading risk organisations gathered to witness the dynamics of principal to principal trading at the NASA-esque trading floor of The London Satellite Exchange.

"The London Satellite Exchange is a great example of using a B2B exchange to trade the functional use of satellites, i.e. satellite bandwidth on satellite transponders; likewise the Risk2Risk exchange streamlines the process of insuring these technological projects," Mr Williams said. "Both initiatives show how the satellite industry is continuing its tradition of modernising the world."

Risk2Risk currently provides free subscription to a custom-built on-line trading exchange for facultative reinsurance that ensures simple, fast and secure principal to principal negotiations and greatly enhanced management control and efficiency through an automated audit trail, for a low three percent transaction fee.

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