London Market’s Electronic Placing Platform Binds 1st Standalone Terrorism Risk

London Market Group (LMG) announce that the first standalone terrorism risk was bound on PPL – the London Market’s electronic placing platform – within the first hour of trading yesterday morning. The broker was Marsh and the underwriter was Chaucer.

LMG announced yesterday that PPL had began trading, with brokers and underwriters exchanging information on standalone terrorism risks, the first class of business to go live on the system. PPL is a core component of the London market’s Target Operating Model, an initiative that aims to modernize the market.

“The success of PPL is always going to be based on the market coming together behind one system. The fact that a risk was bound less than an hour after we opened for business is a great vote of confidence that we are going in the right direction,” said David Ledger, chairman of the board of PPL, formally known as Placing Platform Limited.

Mark Weil, CEO of Marsh UK & Ireland, said: “This represents an exciting step as we push to increase the speed and efficiency of our marketplace to the benefit of our clients. We look forward to extending this across further lines of business.”

John Fowle, chief underwriting officer at Chaucer, said: “We are delighted to have bound the first risk on PPL. We have been keen supporters of this initiative since the beginning, and firmly believe that this is an essential new tool for enabling underwriters and brokers to provide a better and more efficient service for clients.”

Source: London Market Group (LMG)

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London Market’s Electronic Placing Platform Begins Trading Terrorism Risks