Opal, AEGIS London’s online quote-and-bind platform, has reported 40% growth in trading during 2020, based on $70 million gross premium passing through the platform.
The platform was originally designed to provide a means for SME business to be written in Lloyd’s of London.
AEGIS notes that this 40% rise is a combination of both continuing organic growth since the system’s launch in 2016 and the boost in e-trading created by lockdown restrictions as a result of the ongoing COVID-19 pandemic.
Tom Squires, AEGIS London’s head of digital trading, said: “These latest Opal numbers show a very solid performance for 2020 and clearly point the direction of travel for electronic trading in the London market.
“Lockdown has added impetus to our drive to bring smaller-ticket business to London online, where its most economical to underwrite. The challenge will come once lockdown ends.
“Then we’ll find out if we’ve added sufficient value to make the e-trading route more attractive than the traditional analogue alternative. These growth stats suggest that we have.”
AEGIS London, which operates Syndicate 1225 at Lloyd’s, is the UK-based subsidiary of AEGIS (Associated Electric & Gas Insurance Services Limited), a mutual insurance company.
