— Posted in News
London Market’s Placing Platform Comes of Age, by Closing Complex Treaty Facility
The London market’s electronic placing platform was used to close the Aon Client Treaty facility for 2018, marking a milestone in the platform’s evolution.
This is probably the largest and most complex transaction in the Lloyd’s market, said the board of Placing Platform Ltd. (PPL).in a statement. “At 191 pages long, the treaty covers 20 different underwriting authorities and almost every specialty risk class in the market – over 4,000 lines are transacted on an annual basis for nearly 2000 clients,” the board noted.
“The fact that the platform was used to complete this incredibly complex transaction is proof positive that PPL has come of age,” said Chris Beazley, chief executive of the London Market Group (LMG). “This is hard evidence that PPL has the functionality to handle the tough stuff and deliver real service improvements. The collaboration between the broker, underwriters and the PPL team in making this happen was first class and shows what the market can do when it pulls together.”
The PPL platform first began trading in July 2016 and is a core component of the London Market Target Operating Model (TOM), a program that aims to modernize the market and make it easier to do business in and with the London market.
The LMG is a market-wide body, bringing together the specialist commercial re/insurance broking and underwriting communities in London. It is supported by the International Underwriting Association of London (IUA), Lloyd’s of London, the Lloyd’s Market Association (LMA) and the London & International Insurance Brokers’ Association (LIIBA).
Source: Placing Platform Ltd.
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