Yes, you can replace it. Although you might have to goto another brands system, and a little hacking. Personally
Personally, every trailer I have I use the Burley Flex Connector system (http://www.amazon.com/Burley-Design-Connector-Round-Black/dp/B001GSQXUG/ref=sr_1_1?ie=UTF8&qid=1438004399&sr=8-1&keywords=burley+flex+connector) and. What ever you go with though you may have to get a few other parts for it to all work. In the Burley case, the hitch for your bike (http://www.amazon.com/Burley-Design-Forged-Standard-Trailer/dp/B00VSOQN8K/ref=sr_1_3?ie=UTF8&qid=1438004399&sr=8-3&keywords=burley+flex+connector). What ever you go with though you may have to get a few other parts for it to all work. In the Burley case, the hitch for your bike. Here
Here is the similar piece for the Burley flex connector system, and how it works on my bike: