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 PPL said that it has completed its roll out of products.
It explained that PPL’s focus will now be on continuous improvement of the technology, functionality and usability of the platform.
“It is great news that PPL now has all insurance and reinsurance classes of business live so that the whole market can continue its progress in adopting electronic placement,” said Bronek Masojada, Chairman of the PPL Board.
“With a record number of risks bound on the platform in recent weeks, there are positive signs that brokers and underwriters are working together to reap the benefits of increased efficiency, reduced back office costs and, most importantly, improved client service,” he added.
PPL is a core component of the London Market Target Operating Model (TOM), which also includes Lloyd’s of London’s recent mandate for electronic placement that requires syndicates to progressively write more of their risks electronically.
The Board revealed in June 2018 that the Aviation classes of business had gone live on PPL, while Accident & Health (A&H) classes began trading in April 2018, and Property & Casualty’s inclusion (P&C) was announced by the Board in November 2017.
