London Market’s Electronic Placing Platform Begins Trading Terrorism Risks
London Market Group (LMG) announced that PPL – the London Market’s electronic placing platform began trading today, with brokers and underwriters exchanging information on standalone terrorism risks, the first class of business to go live on the system.
“We are delighted that the system is up and running. We expect there to be a steady build-up of use as brokers and carriers move their processes onto the system, pass more information and ultimately transact business,” said David Ledger, chairman of the board of PPL, which is formally known as Placing Platform Limited.
“This is just the first step in ensuring that our market is fit for purpose in the 21st century,” he said, noting that PPL is a market-based initiative and solution.
“This is not about getting rid of face to face negotiation, quite the opposite. It is about ridding the market of duplication and administration, leaving more time for the value added activities. It’s about everyone having one set of correct information when they talk about a risk and data being entered once, and once only,” Ledger continued.
He explained that PPL is a core component of the London market’s Target Operating Model. (TOM is a core component of the market’s modernization initiatives, designed to make it easier to do business in and with the London market).
The next lines of business to go live will be directors & officers, financial institutions and professional indemnity, he said.
Source: London Market Group (LMG)
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