Lloyd's, in a surprise move, has decided to cut off funding for the Kinnect information technology platform and abandon the effort.
The cost to date has been ?70 million (or $125 million under current exchange rates), according to a Lloyd's representative, who said the market's Franchise Board agreed to stop Kinnect funding.
In a letter to customers, Michael Dawson, Kinnect's interim chairman, said that following the Kinnect board's recommendation, “the Franchise Board has agreed not to fund the Kinnect platform going forward. They have decided that the platform was not optimal in ensuring more efficient business processes for the Lloyd's and London market, and as a result it will close.”
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