Reinsurance News
London Market Group
LMG exceeds targets for delegated authority platform adoption
13th December 2018
The London Market Group (LMG) has announced that market uptake for its Delegated Authority: Submission, Access and Transformation Solution (DA SATS) has been high, with 100% of managing agents involved in live delegated authority business now signed up for the platform. Additionally, 88 brokers in the coverholder market have also signed ... Read the full article
New data shows Willis Towers Watson PPL push
10th December 2018
The risk advisory and broking firm Willis Towers Watson has revealed that, during Q3 2018, over 57% of eligible risks were placed through the London Market Group’s (LMG) Placing Platform Limited (PPL) across all lines of business, with certain lines of business regularly exceeding 75% of eligible risks. PPL is a ... Read the full article
LMG urges progress on post-Brexit equivalence for insurers, brokers
6th December 2018
The London Market Group has underscored changes it believes must be made to the European Union equivalence regime ahead of “one of the most critical decisions in a generation” taking place in the House of Commons. MPs are due to vote on the Government’s Withdrawal Agreement and the Political Declaration on ... Read the full article
PPL adoption gains momentum over Q3, reports Board
20th November 2018
The Board of Placing Platform Limited (PPL) has released market wide data for risks placed electronically during the third quarter of 2018, which shows a steady increase in the proportion of syndicates adopting PPL. The data shows that take-up exceeded the Q3 target of having 20% of in scope risks placed ... Read the full article
UK in “ideal position” to provide cyber re/insurance: John Glen MP
14th November 2018
With the cyber market set for rapid growth over the coming years, the UK is currently in “an ideal position” to provide this kind of re/insurance, according to John Glen MP, Economic Secretary to the Treasury and City Minister. Glen spoke at a round table hosted by Andrew Horton, Chair of ... Read the full article
London Market Group to deliver next wave of TOM tools
22nd October 2018
The London Market Group (LMG) has signed a contract with Sequel, Verisk’s InsurTech software firm, to deliver new solutions for approving and registering coverholders and generating delegated authority binder contracts. The new integrated tools form part of the London Market Target Operating Model (TOM) and will be designed to offer faster ... Read the full article
Treaty reinsurance class now trading on London Market’s PPL
15th October 2018
The Board of the London Market Group’s (LMG) Placing Platform Limited (PPL), an electronic platform created in July 2016 with the aim of increasing market efficiencies, has announced that the treaty reinsurance class of business has begun trading on the platform. With the treaty reinsurance class now live, the Board of ... Read the full article
LMG’s delegated authority platform to launch this week, market uptake high
24th September 2018
With the London Market Group’s (LMG) Delegated Authority: Submission, Access and Transformation Solution (DA SATS) set to go live this week, market uptake from brokers and underwriters has reportedly been strong. DA SATS is powered by Tide from Charles Taylor Insurtech and provides a central service to standardise the collection, validation, ... Read the full article
London Market’s electronic placing platform exceeds Q1 targets
13th August 2018
The Board of the London Market Group's (LMG) Placing Platform Limited (PPL), an electronic placing platform created in July 2016 with the aim of increasing LMG efficiencies, has announced it's exceeded its Q1 2018 adoption targets. Syndicates accepted 16.3% of risks through electronic placement, higher than the 10% target. The highest ... Read the full article
London Market Group appoints JLT Specialty’s Clare Lebecq as CEO
3rd August 2018
The London Market Group (LMG) has appointed Clare Lebecq, the current Operations Director of JLT Specialty, as its incoming Chief Executive Officer (CEO). Lebecq succeeds Chris Beazley - who returns to MS Amlin as CEO of its Swiss reinsurance operation at the end of August - and will take over the ... Read the full article
Chubb becomes first business to integrate TOM Structured Data Capture service
29th June 2018
Chubb has become the first business to go live with an integrated Structured Data Capture (SDC) service from the London Market’s Target Operating Model (TOM), according to the London Market Group (LMA). SDC enables the contents of documents such as Market Reform Contracts and binding authorities to be converted into consistent, ... Read the full article
Uptake of London market’s PPL on the rise, but more to do
25th June 2018
Figures for the month of May 2018 show a steady increase in firms adopting the London Market Group's Placing Platform Limited (PPL) but there is more to do in getting companies to use the system, according to the PPL Board. PPL is a core component of the London Market Target Operating ... Read the full article
Aviation risks now trading on London Market’s PPL
11th June 2018
The Board of the London Market Group’s Placing Platform Limited (PPL) - an electronic placing platform created in July 2016 with the aim of increasing market efficiencies - has announced that Aviation classes of business have gone live. This follows Lloyd’s of London’s recent mandate for electronic placement, requiring syndicates ... Read the full article
LMG contracts Charles Taylor to centralise delegated authority data
4th May 2018
The London Market Group (LMG) has contracted Charles Taylor InsureTech Limited to provide a central service to standardise and centralise the collection, validation, processing, and supply of delegated authority data across the market. The agreement aims to enable quick and convenient submissions of risk, premium, and claims data, and is part ... Read the full article
XL Catlin binds first political risk policy on London market’s PPL
23rd April 2018
Bermuda-based XL Catlin has become the first insurer to bind a political risk policy on the London Market Group's (LMG) electronic placing platform, PPL, the company has announced. PPL, the London market’s electronic placing platform, went live in July 2016, and recently announced the addition of Accident & Health (A&H) ... Read the full article
Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.
