Electronic platform completes deal on Day One of operationReprints
The first risk was bound on the London Market Group’s electronic trading platform, the Placing Platform Ltd., on Monday, the London-marketwide body said.
PPL was launched Monday, and within an hour the first stand-alone terrorism risk — brokered by Marsh L.L.C. and underwritten by Chaucer P.L.C. — was bound via the platform.
Stand-alone terrorism is the first class of business to go live on the system, which was formed by the market group’s member associations: the International Underwriting Association, Lloyd’s of London, the Lloyd’s Market Association and the London & International Insurance Brokers’ Association.
“This represents an exciting step as we push to increase the speed and efficiency of our marketplace to the benefit of clients. We look forward to extending this across further lines of business,” Mark Weil, CEO of Marsh U.K. & Ireland, said in the statement.