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15th May 2019
45% of in scope risks at Lloyd's were placed electronically through PPL in the first quarter-5% over target-but momentum needs to be maintained says Masojada
The Board of PPL has released the market wide data for risks placed electronically during the first quarter of 2018. 100% of syndicates at Lloyd’s reported under the mandate, and figures for almost all IUA companies signed up to PPL have also been analysed. The target for this quarter was to have placed 40% of in scope risks through electronic placement. In total, 78,000 risks have been bound electronically:
-Lloyd’s Syndicates accepted 45% of in scope risks.
-80 % of syndicates met or exceeded the target.
-11% did not reach the target and 9% reported that they had no in scope risks during the period.
International Underwriting Association
-IUA companies signed up to PPL accepted an average of 32% of in scope risks
-38% of IUA companies measured met or exceeded the target.
Lloyd’s syndicate adoption table-the top five syndicates are:
Liberty Managing Agency Limited 4472
Allied World Managing Agency Limited 2232
Pembroke Managing Agency Limited 1947
Capita Managing Agency Limited 1492
Newline Underwriting Management Limited 1218.
Bronek Masojada, chair of the PPL Board, comments “2019 has seen a strong start for e-placement across the market. We have had a sharp increase in the numbers of brokers signing up and risks bound across all lines of business have risen this quarter. Nevertheless, the rate of growth is flattening and we cannot afford to get complacent if we want to reap the benefits of time and resource everyone has invested so far.
The key to continued progress will be the market working as a team, with collaboration and participation of all the market firms, both brokers and underwriters. This will ensure that any operational issues are resolved, key business partners are brought on board and the platform continuously improved."
John Neal, Lloyd’s chief executive, added “Simplifying access and lowering the costs of doing business at Lloyd’s are central to our strategy to build the future at Lloyd’s. The fact that the numbers of syndicates and their levels of activity in electronic placement are growing every quarter is evidence that we have the foundations in place to reshape the market into a future-focused and highly responsive platform which provides better value and support to the changing and diverse needs of our global customers”.
Dave Matcham, chief executive of the IUA, said “IUA members are continuing to support the roll out of PPL and in the first quarter we have seen a number of new affiliate companies signing up to the platform. Having been established for Brexit purposes, these may not yet be fully operational whilst other areas have seen a natural drop from the large amounts of year end business placed during the fourth quarter. There is, however, a strong desire to see the platform fully utilised from quote to bind in order to secure maximum benefits.”
Christopher Croft, ceo of LIIBA, added “Brokers are embracing e-placement with increasing enthusiasm and we are seeing that reflected in the number of broking businesses who have signed up. We are also seeing more risks placed by more brokers across more risk classes–all strong evidence that electronic placement is being adopted more widely. The top four brokers now only account for 42% of all risks placed-a clear indication that there is much greater traction across all sections of the market.”
LMG Trends(93 articles)