The London market’s electronic placing platform began has started trading this week with terrorism risks being the first class of business to go live on the system.
Industry body London Market Group (LMG) announced that the first standalone terrorism risk was bound on the Placing Platform Limited (PPL) within the first hour of trading on Tuesday morning.
The transaction’s broker was Marsh
while the underwriter was Chaucer, according to the LMG.
“The success of PPL is always going to be based on the market coming together behind one system,” said David Ledger, PPL board chairman.
“The fact that a risk was bound less than an hour after we opened for business is a great vote of confidence that we are going in the right direction,” he added.
UK and Ireland CEO Mark Weil said the development “represents an exciting step as we push to increase the speed and efficiency of our marketplace.”
Meanwhile, Chaucer chief underwriting officer John Fowle said the “essential” new tool enables underwriters and brokers to provide “better and more efficient service for clients.”
Ledger earlier said that the electronic platform will be rolled out next to professional indemnity, directors’ and officers’ liability insurance and financial institutions cover.
Ledger said the new system, which replaces papers and e-mails while also enabling remote placing globally, would be extended to the whole market in two years.
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