Marine lines of business are now available on the London Market Group’s PPL electronic trading platform.
The PPL platform has been steadily expanding, with specialty lines of insurance business being added lately and soon reinsurance business set to join it as well.
David Ledger, Chairman of the PPL Board commented; “The marine market represents the historic roots of the London Market, and we are delighted that this significant class of business has joined the PPL community. We have 950 marine underwriters and brokers set-up and ready to start using the platform.
“Market adoption across the existing lines of business is growing and, as the platform gains more users and improvements come on line, so we are seeing market confidence increase. Since the beginning of 2017, we have added stand-alone Political Violence risks as an extension to the Terrorism class of business, and we are making a number of upgrades to the platform as well as enhancements to functionality and usability.”
Putting marine business on the PPL trading and placement platform has been seen as contentious, with a number of marine underwriters objecting as they said it wasn’t ready. So for the PPL to have announced this already could be seen as a considerable win for the platform, as it seeks to bring as many lines of London insurance and reinsurance business into the centralised placing process as possible.
