Placing Platform Limited (PPL), the digital risk transfer platform, has reported a 17% rise in the number of risks bound in 2021 when compared with the previous year, while the number of users also increased.
Risks bound jumped from 160,346 in 2020 to 187,374 in 2021, having ended 2017 at 13,067 after the first risk was bound using the platform in July 2016.
Since its launch, PPL has grown to cover most classes of risks placed in the London market.
During 2021, the total number of users increased by 18% to just shy of 20,000, as the number of market entities using the platform rose from 339 in 2020 to 389 last year.
At the same time, agreed endorsements grew by a robust 25% for 2021 when compared with the prior year.
Additionally, PPL reports that the number of firm orders bound moved from 535,495 in 2020 to 631,847 in 2021.
The platform’s Chief Executive Officer (CEO), Sue Jakobek, commented: “With the pandemic encouraging further adoption in 2020, we are delighted that in 2021 PPL went from strength to strength and reinforced its position as the primary platform for electronic placement in the London market.
“In 2022 we are looking forward to the landmark delivery of NextGen, and we are working very hard to prepare the market for the switch over later this year. The new platform provides a significant improvement in the PPL user experience, as well as allowing us to start providing elements of the Core Data Record.”
At a CEO Breakfast event in December of last year, PPL’s Chair, Bronek Masojada, confirmed the timeline for the next phase of London Market’s electronic placing platform.