St Paul/Travelers (SPT) has become the latest Lloyd’s market insurer to pledge its support for the Kinnect electronic platform that has been in development for the last three years.
The SPT division, which operates as a Lloyd’s Managing General Agent (Syndicate 5000) has “pledged its support for the platform, which securely exchanges risk data and wordings between brokers and underwriters,” said Kinnect’s bulletin. They will sign contracts shortly.
“This brings the total number of businesses backing the platform up to 19 – including eight of Lloyd’s ten largest managing agents,” the announcement continued. “The underwriters supporting the platform now represent more than 60 per cent of capacity at Lloyd’s. Earlier this month, Kinnect announced that QBE European Operations – including Lloyd’s largest managing agent Limit [Syndicates 0386 and 2999] and its company market operations – and managing agent Cathedral [Syndicate 2010] were backing the platform, with Chaucer [Syndicates 1084, 1176, 1301,3210 and 4000] also committing its support.”
Kinnect Chief Executive Toby Davies commented: “Kinnect has become the platform of choice for the market. We are delighted with the wealth of support it is getting. Our customer base has more than doubled this year alone, and as we continue to develop this level of market support is crucial.”
STP Executive Director and Chairman Barnabas Hurst-Bannister noted: “Kinnect is helping to ensure that the future of the insurance industry is secure, efficient and reliable. We confidently expect it will bring a wealth of benefits to our business in terms of speed, cost-savings and improved customer service so we are delighted to be getting on board.”
St Paul Travelers joins brokers Marsh, Willis and Guy Carpenter, and underwriters ACE European Group, AEGIS, Amlin, Ascot, Beazley, Cathedral, Catlin, Chaucer, Hiscox, Liberty Syndicates, Markel, QBE European Operations, SVB, Talbot, and Wellington in pledging support for Kinnect.
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