The Board of the London Market Group’s Placing Platform Limited (PPL) has announced that Hiscox Chief Executive Officer (CEO), Bronek Masojada, has been appointed Chair, replacing outgoing Chair David Ledger.
Commenting on his new appointment, Masojada said: “I look forward to becoming PPL Chair. David and all those involved in PPL have done the heavy lifting and delivered a product that works. Our ambition is now to drive adoption from 15% to 80% of London risks.
“We will be working with the broking and underwriting communities to hit this target. I ask all those interested in the long-term success of London to identify and get on with what they can do to achieve this, rather than enjoying the spectator sport of watching others fail.”
PPL, the London market’s electronic placing platform, went live in July 2016, and the specialist Lloyd’s of London insurance and reinsurance marketplace recently proposed to mandate the use of electronic placement, in an effort to increase efficiency.
“The market has been playing the modernisation game for a long time and I vividly remember previous attempts that delivered no obvious benefit. I remain unapologetically a champion of our efforts through PPL, and other London Market Target Operating Model initiatives, because their successful implementation will mean that we are getting the right data at the front end of the placement process and then the critical structured data at the end.
“It is this data – and the removal of slow, expensive paper-based processes – that will support ongoing face-to-face negotiations where it matters and help to ensure the future competitiveness of the London Market,” continued Masojada.
Outgoing Chair Ledger, added: “PPL has come a long way in the last few years and this is thanks to strong collaboration by all the market associations. The fact that over 15,000 risks have been bound on the system is proof positive that the platform works.
“Those businesses that are embracing electronic trading are already beginning to reap the benefits from both an efficiency and growth perspective. We do however need to move faster as regards adoption or we run the risk of losing all the momentum that has been generated over the past few months. I am absolutely delighted that Bronek has agreed to become Chair. He is a passionate advocate for market modernisation and will undoubtedly lead the next stage of PPL’s development with drive and commitment.”