Reinsurance News
electronic placement
Verisk’s Whitespace launches new contract library & builder features
7th August 2024
Whitespace, a Verisk company and fully digital e-trading platform, has launched a new contract data library and enhanced contract builder functionality. The upgraded functionality significantly improves Whitespace’s user interface, enabling users to create and manage a library of company-specific contract clauses, wording, and headings with standardised tagging and formatting. Existing Whitespace ... Read the full article
PPL looks to accelerate API adoption with new programme
29th February 2024
Placing Platform Limited (PPL), an electronic trading platform for the London re/insurance market, has launched a broker Early Adoption Programme (EAP), which has a focus on the operationalisation of the platform's API capabilities and reflects the acceleration of market interest in APIs. Currently, PPL is working with eight firms to collaborate on ... Read the full article
PPL successfully switches to Next Gen platform
2nd October 2023
PPL has now removed the option to create a new or renewal firm order on the old platform as it successfully switches to Next Gen, the new electronic trading platform for the London insurance market. The company explains that while the switchover has taken place, orders already created on the old ... Read the full article
PPL to decommission its original V3 platform after Next Gen launch
15th May 2023
Following the launch of Next Gen, Placing Platform Limited (PPL) has announced its plans for the decommissioning of the original PPL V3 platform, and to confirm that the shutdown of the Ebix system will occur, as originally planned, at the end of 2023. As a result, ... Read the full article
Next phase of London Market’s placement platform slips to early 2023
5th July 2022
The next phase of the London Market’s electronic placement platform has been further delayed, this time to February of next year. According to a new note, Placing Platform Ltd (PPL) is still finalising the commercial details of plans with Deloitte, and these are expected to be completed satisfactorily in the next ... Read the full article
PPL’s Next Gen platform won’t be ready for September, to be reassessed
3rd May 2022
The next phase of the London Market’s electronic placing platform is to be reassessed as it's become clear that not all elements will be ready by September, reports the Board of Placing Platform Limited (PPL). In December of last year, Bronek Masojada, Chair of the PPL Board, said that the ... Read the full article
PPL usage robust in 2021 ahead of NextGen delivery
16th March 2022
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 ... Read the full article
Tremor’s growth exceeds expectations as all major brokers adopt platform
22nd July 2021
Expansive programmatic re/insurance risk transfer marketplace, Tremor, has now secured agreements with eight major reinsurance brokers representing more than 95% of global placements. Since the introduction of its next generation trading platform, Panorama™ in February, Tremor's growth has exceeded expectations. In June, Tremor reported that insurers leveraging its platform sought ... Read the full article
Insurtech Root places June property cat program with Tremor Panorama
15th June 2021
Root, Inc., the parent company of the Root Insurance family of carriers, has successfully placed its June property catastrophe program with Tremor Technologies' next generation trading platform, Panorama™. Insurtech Root leverages industry-leading, mobile-first technology in order to bring fairness and a best-in-class experience to drivers. The company focuses on driving behaviour rather ... Read the full article
Lloyd’s updates electronic response targets
5th March 2021
The Lloyd’s of London insurance and reinsurance marketplace has provided another update on its requirements for the use of electronic placements this year. For Q2 and Q3 of this year, syndicates will now have to adhere to an electronic response target of 60% when replying to submissions and quotes from brokers. Details ... Read the full article
Lloyd’s ups electronic placement targets to 90% in 2021
21st December 2020
The Lloyd’s of London insurance and reinsurance marketplace has announced an update to its Electronic Placement Mandate, increasing the target on risks bound for all classes to 90% by Q2. The electronic placement target has been 80% of risks bound throughout 2020, and will remain so during the first quarter ... Read the full article
Whitespace announces new Advisory Board
21st October 2020
Whitespace, the digital e-trading platform for brokers and re/insurers, has announced the establishment of its new Advisory Board. The company's new board brings together Andrew Brooks, Chief Executive Officer (CEO) of Ascot; Stephen Catlin, Chairman and CEO of Convex; Jason Keen, President of Chubb Global Markets; Craig Kingaby, CEO of Meridian ... Read the full article
Expect further international growth at Whitespace after a promising year: Marcus Broome
20th August 2020
After an impressive 2020 for digital e-trading platform, Whitespace, underpinned by rapid uptake and full recognition by Lloyd’s of London, Reinsurance News spoke with Marcus Broome, Chief Platform Officer. Broome has been in the insurance industry since 1985, originally working for a Lloyd’s syndicate before founding a technology business called ROOM ... Read the full article
Lloyd’s increases electronic placement targets
12th August 2020
Insurance and reinsurance marketplace Lloyd’s of London has decided to increase its targets for electronic placement submissions/quotes for the third and fourth quarters of the year. From July 1, the target for risks bound will remain at 80%, but the targets for submissions/quotes have been raised to 25% for Q3 and ... Read the full article
PPL use hits all-time high
8th July 2020
Data from the London Market Group (LMG) reveals that use of the Placing Platform Limited (PPL), the London market's electronic placement platform, continued to swell through the second-quarter of 2020, reaching an all-time high. A total of 8,031 risks were bound on the platform in the week commencing June 29th, which ... Read the full article
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