Aon's reinsurance e-trading portal secures Lloyd's approval

Aon's electronic trading portal has been accredited by Lloyd’s as part of the electronic placing mandate for reinsurance.

The company recently unveiled a new bind feature on its e-trading portal ABConnect Placements, enabling markets to complete and bind reinsurance placements without the need for face-to-face meetings.

The portal will help managing agents meet the Lloyd’s Electronic Submission & Placement minimum target mandates for end to end processing, including the final binding, for treaty reinsurance contracts. In addition to Lloyd’s, the functionality is also relevant to the International Underwriting Association (IUA) company market placements.

Andy Marcell, CEO of Aon’s Reinsurance Solutions business, said: “ABConnect Placements is an important part of Aon’s overall digital strategy and we are excited to drive engagement with the London market through our enhanced portal.

"Globally, we have seen a steady increase in usage – for example, sharing underwriting information and firm order terms each increased by 20% on the 1 April 2020 placements compared to 2019. Our goal is to further increase take up in collaboration with our trading partners in London.”