Global re/insurance broker Aon has received accreditation from Lloyd’s for its reinsurer trading portal, ABConnect Placements.
The Lloyd’s Franchise Board provided ‘conditional recognition’ of the platform following the recent deployment of Aon’s binding function, so valid contracts can be written as ePlacements.
Gaining approval from Lloyd’s as part of the electronic placing mandate for reinsurance means the platform will help managing agents meet the Lloyd’s Electronic Submission & Placement minimum target mandates for end to end processing, including the final binding, for treaty reinsurance contracts.
In addition to Lloyd’s, the functionality is also relevant to the International Underwriting Association company market placements.
“ABConnect Placements is an important part of Aon’s overall digital strategy and we are excited to drive engagement with the London market through our enhanced portal,” said Andy Marcell, Chief Executive Officer of Aon’s Reinsurance Solutions business.
“Globally, we have seen a steady increase in usage – for example, sharing underwriting information and firm order terms each increased by 20% on the 1 April 2020 placements compared to 2019. Our goal is to further increase take up in collaboration with our trading partners in London.”