PPL, the London market’s electronic placing platform, announced that marine business is now available to be bound on the PPL platform.
The platform began trading stand-alone terrorism risks in July 2016, and now writes political violence, financial and professional lines, along with the latest addition of marine.
“The marine market represents the historic roots of the London market, and we are delighted that this significant class of business has joined the PPL community,” said David Ledger, chairman of the PPL board, noting that 950 marine underwriters and brokers are ready to start using the platform.
“Market adoption across the existing lines of business is growing and, as the platform gains more users and improvements come on line, so we are seeing market confidence increase,” he said.
“Since the beginning of 2017, we have added stand-alone political violence risks as an extension to the terrorism class of business, and we are making a number of upgrades to the platform as well as enhancements to functionality and usability,” he added.
The PPL platform is an initiative of the London market’s Target Operating Model, a program that aims to modernize the market and make it easier to do business in and with the London market.
Between July 2016 and the end of January 2017, more than 1,600 risks were bound and 2,762 endorsements made, said a PPL spokesperson.
Source: PPL Ltd.
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