Aon plc, the global re/insurance broker, has enhanced its reinsurer trading portal, ABConnect Placements, to electronically bind treaty placements with Lloyd’s of London and International Underwriting Association (IUA) insurers.
The new bind feature enables Lloyd’s and the London company markets to complete and bind Aon’s treaty reinsurance placements without the need for face-to-face meetings.
“With the global outbreak of COVID-19, electronic and online capabilities play an even more vital role in reinsurance transactions as we adapt the way we operate to support remote working,” said Andy Marcell, CEO of Aon’s Reinsurance Solutions business.
“Not only is ABConnect Placements an important part of Aon’s overall digital strategy, it has very suddenly become a critical method to place treaty business as we continue to best serve our insurer clients. It leverages our global sales technology and gives reinsurers a single platform to remotely access all treaty placements – traditional or via auction,” he added.
“This is another breakthrough in the modernization of the London market. We are excited to lead advancements in digital innovation and support the Lloyd’s Blueprint,” commented Nick Frankland, UK CEO of Aon’s Reinsurance Solutions business.
“With in-person meetings not currently possible, we look forward to collaborating with all our reinsurer trading partners electronically via ABConnect Placements so we can collectively support and transform the marketplace in which we operate,” Frankland added.
Aon said it is communicating the enhancement to over 10,000 individuals at reinsurance companies, which will receive instructions for Lloyd’s and IUA underwriters so they are ready to use the bind feature to accept the terms and generate a final bound slip, complete with the required stamp and other details.
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