London brokers will have easier access to Bermuda's underwriters and reinsurance capacity through the use of an Internet interface to the Bermuda reinsurance market.

Managing director of WIRE Bermuda Ltd., Rowan Douglas, next week will unveil a detailed prototype of the Artemis interface he first demonstrated at the Bermuda Insurance Institute (BII) Internet Conference at Stonington Beach Hotel in May.

President of WIRE Bermuda, Susan Straker said: "The Internet provides real advantages for the Bermudian market, as it seeks to extend its strength and influence over the global reinsurance markets. WIRE will illustrate at the July 11 (BII) luncheon how these possibilities can be fully developed.'' Mr. Douglas will be using real information submitted by Bermuda underwriters to demonstrate the improved version of the Artemis, which runs across the World Wide Web.

He said: "As Bermudian underwriters begin to extend the classes of business they write, it becomes even more important for them to communicate capacity to producers in a highly focused way and to overcome the perception of distance from London, New York, Tokyo and other centres.

"I sat down with some London brokers this spring and asked them to imagine sitting in their offices on a wet Thursday afternoon, and asked them what would stop them walking across the street to Lloyd's and prompt them instead to ask a Bermudian underwriter to provide a quote.

"What the brokers wanted was a screen showing the classes that underwriters covered, the capacity available, some background information upon which to frame an approach and security information.'' Mr. Douglas said that the prototype interface responds to these requirements and provides additional useful information, including dates that Bermuda underwriters will be in London, Bermuda market reinsurance news and also allows brokers to buy air tickets to Bermuda on-line.

London brokers could use the system everyday, obtaining full travel, television and entertainment listings, together with the live issue of the London Evening Standard.

Ms Straker said: "Assuming the phase progresses smoothly, we anticipate working with members of the Bermuda market to examine various issues and evaluate the viability of developing a production level system over the next six months or so.

"Artemis represents one of the most sophisticated applications of the Internet in the world's financial markets and it is being driven right here in Bermuda.

"The tight grouping of innovative reinsurers on the Island means that we should be able to quickly move beyond larger markets and promote this agenda.''