Lloyd's, in a surprise move, has decided to cut off funding forthe Kinnect information technology platform and abandon theeffort.

The cost to date has been ?70 million (or $125 million undercurrent exchange rates), according to a Lloyd's representative, whosaid the market's Franchise Board agreed to stop Kinnectfunding.

In a letter to customers, Michael Dawson, Kinnect's interimchairman, said that following the Kinnect board's recommendation,“the Franchise Board has agreed not to fund the Kinnect platformgoing forward. They have decided that the platform was not optimalin ensuring more efficient business processes for the Lloyd's andLondon market, and as a result it will close.”

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