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Marsh Ltd. doubled the volume of business it placed electronically in the London market last year, the brokerage said Monday.
Marsh said it placed 10,000 risks electronically in 2018, making a total of 15,000 risks it has placed to-date via Placing Platform Ltd., the electronic placement system used by Lloyd’s of London, other London market insurers and brokers.
A Marsh spokesman said electronic placement occurred across all lines of business and that the 10,000 placed through PPL last year was more than double the number of risks Marsh placed electronically in 2017. The spokesman declined to say what proportion of Marsh’s business the electronic placements represented.
Lloyd’s has mandated that brokers connect to a recognized electronic placement system by June 1, 2019, as it looks to accelerate digital placements across the market.
Each Lloyd’s syndicate is also required to write 40% of its risks using a recognized electronic placement system, a target that will increase to 50% by the second quarter of this year.
In a statement, Christopher Croft, CEO of the London & International Insurance Brokers’ Association said that more than 60 LIIBA members have signed up to PPL and more than 50 are active on the platform. LIIBA has 142 members, according to its website.