Due to a dramatically changed landscape, RI3K has announced an 80 percent price cut for underwriters using its electronic marketplace.

For all risks bound on the RI3K Marketplace after August 1st 2006 underwriters will be charged only £50 per line. The previous charge was $500. There will also be a small £10 fee for each endorsement, said RI3K.

Alex Letts, RI3K’s chief executive, commented, “Last year we made a commitment to the market that as volumes grew we would work towards a £50 price point. Recent activity around broker distribution has allowed us to bite the bullet and make the move in a single step.”

RI3K’s Marketplace creates ACORD standard data around the placement process for all types of reinsurance risk. Direct insurance will be tradeable from this September.

“We are working within the FELIX framework to hand-off the data electronically to XIS. We would encourage companies to speak to us about how to receive this data electronically to reduce their own processing costs,” added Letts.