Placing Platform Limited has announced that the top ten brokers are now all live on its Next Gen risk placement platform, the new version of the London insurance market’s electronic trading platform, as the market “heads towards full transition by October 1st.”
As per PPL, the three largest global brokers – Marsh, Aon, and WTW – have now successfully implemented Next Gen. McGill & Partners, along with Guy Carpenter, have also recently adopted the platform.
Added to those already on the platform, including Howden, Lockton, AJ Gallagher and Tysers, PPL estimates that brokers who place over 95% of the risks in the market are now in place on PPL Next Gen.
Colin O’Malley, Chief Operating Officer of Placing Platform Limited, commented, “Each of the major brokers has had their own path to the adoption of Next Gen.
It is great news that we now have all the larger brokers set up on the platform and with plans in place to ramp up to full usage by October 1st. Our attention will now turn towards supporting firms in the completion of this transition.”
Last month, PPL reported an accelerating trend in the adoption and usage of its Next Gen platform throughout June. This trend has evidently led to today’s announcement.
Next Gen was opened to placements for the entire market in April following four weeks of limited access while market firms completed training and preparation activities.
