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) business to its suite of risk classes available to both brokers and underwriters in the marketplace.
Now, global insurer and reinsurer XL Catlin has announced that it is the first insurer to bind a political risk policy on the PPL, as the marketplace continues to embrace the transition to a digital world.
UK Country Leader and Director, London Market Wholesale, XL Catlin, Paul Greensmith, commented: “We have been, from the very start, supporters of the adoption of electronic placement, and what PPL can help the market achieve in terms of efficiency. The launch of the platform was a key step in digitalising the London Market and we are proud to be at the forefront of this effort.”
Andrew Underwood, Head of Political Risk, Credit & Bond, UK & Ireland, XL Catlin, added: “Transacting on PPL is a natural evolution of our proposition to brokers and clients, so going live on day one was top priority for us. Both we and the broker, BPL Global, were extremely impressed with how easy the platform is to use and the benefits it gives us.”
