AEGIS London has revealed that for the very first time, its online quote-and-bind platform Opal generated more than $5 million of net premium in a single month.
The record-breaking volumes of business seen last month, means that as of the end of May 2020, Opal has now generated $100 million net for the syndicate since the platform was launched in 2016.
The Opal platform was launched to provide a means for SME business, previously believed to be uneconomical for London underwriters, to be written in Lloyd’s of London.
David Croom-Johnson, AEGIS London’s Managing Director, commented: “These landmark numbers for Opal demonstrate the significance of the contribution made by the platform to AEGIS London’s financial performance.
“The suspension of face-to-face trading at Lloyd’s has certainly provided impetus, but the direction of travel was already clear. Opal is seeing double-digit growth year-on-year. Electronic trading will increasingly ensure we remain a top quartile performer in the Lloyd’s market.”
As noted by Croom-Johnson, the fact the Lloyd’s and wider London market went remote in March as a result of government enforced lockdown measures amid the ongoing COVID-19 pandemic, has led to a rise in the use of electronic placement.
The Lloyd’s, London, and other global reinsurance markets responded well to the work-from-home orders, with results and renewals’ commentary noting that for the most part its business as usual.
Tom Squires, AEGIS London’s Head of Digital Trading, added: “These latest Opal numbers vindicate our strategy of exploring the benefits of electronic trading and distribution. Opal and PPL are currently the two key planks of this strategy, but our aim is to broaden our distribution and user-base further.
“I think it’s fair to say that this year has seen the London market enter a new world of electronic trading and we intend to maximise the benefits we can gain from it.”
