London Market PPL completes treaty reinsurance roll out
The board of London Market Group's PPL, an electronic placing platform launched in July 2016, has said that the treaty reinsurance class of business has gone live on the platform.
The action follows Lloyd’s mandate for electronic placement, requiring syndicates to write no less than 10 percent of its risks electronically.
Earlier this year, Aviation risks, financial risks and political risks, among others, went live on the PPL platform.
PPL is said to have completed its roll out of products with treaty reinsurance, and its focus will now be on continuous improvement of the technology, functionality and usability of the platform.
"It is great news that PPL now has all insurance and reinsurance classes of business live so that the whole market can continue its progress in adopting electronic placement," said Bronek Masojada, chairman of the PPL board. "With a record number of risks bound on the platform in recent weeks, there are positive signs that brokers and underwriters are working together to reap the benefits of increased efficiency, reduced back office costs and, most importantly, improved client service.”
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