London market electronic insurance exchange Placing Platform Ltd (PPL) has begun taking marine business. PPL began trading stand-alone terrorism risks in July 2016, and now writes political violence, financial and professional lines. However, the addition of marine has proved PPL’s toughest task to date, it having faced the scepticism of the London marine market. Indeed, a committee of marine underwriters claimed in January that the system was not yet fit for purpose.
PPL board chairman David Ledger said that “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,” noting that 950 marine underwriters and brokers are ready to start using the platform.
PPL is an initiative of the London market’s Target Operating Model, a programme 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 PPL.