Lloyd's approves e-trading risk platform Whitespace for unlimited use

Lloyd's has granted 'fully recognised' status to digital trading platform Whitespace in its list of approved systems for the electronic placing mandate for managing agents.

Whitespace Platform, which was launched at the end of August 2019 and brought its 100th customer on board earlier in July, is authorised for "unlimited use at Lloyd’s".

Marcus Broome, chief platform officer, said: “The full recognition of our platform by Lloyd’s is the result of dedicated work by our team to ensure we have built technology that is not just intuitive to use and aesthetically pleasing, but is also scalable and serves the full requirements of the insurance industry. Gaining this status within the first year of operations clearly shows the strength of our technology and the benefits to the market of trading risks on Whitespace.”

Grant Elliott, business development manager, added: “In the current environment, we have seen the placing process put under the spotlight more than ever. Our ability to offer our customers an easy to use, data-driven and scalable product is what makes us attractive. In addition to the ever-increasing volume of risks being traded on Whitespace from London-based brokers and underwriters, we are delighted that markets in the US, Bermuda and Europe are also signing up to benefit from our platform.”