The first standalone terrorism risk was bound on PPL, the London market’s electronic placing platform, brokered by Marsh and underwritten by Chaucer in the first hour of trading on Monday.
The London market’s electronic placing platform is part of a modernisation initiative being led by the London Market Group (LMG).
“The success of PPL is always going to be based on the market coming together behind one system. The fact that a risk was bound less than an hour after we opened for business is a great vote of confidence that we are going in the right direction,” said David Ledger, PPL board chairman.
Mark Weil, CEO of Marsh UK & Ireland, said: “This represents an exciting step as we push to increase the speed and efficiency of our marketplace to the benefit of our clients. We look forward to extending this across further lines of business.”
John Fowle, Chaucer’s chief underwriting officer, said: “We are delighted to have bound the first risk on PPL. We have been keen supporters of this initiative since the beginning, and firmly believe that this is an essential new tool for enabling underwriters and brokers to provide a better and more efficient service for clients.”
The electronic placing platform (PPL) began trading on Monday, with brokers and underwriters exchanging information on standalone terrorism risks.
This represents the first class of business to go live on the new system, part of the London market's broader Target Operating Model plans, the so-called "TOM".