The Aon Group has become the first broker to use Lloyd's Outward Reinsurance Scheme (LORS) to settle a claim with a London market company, Terra Nova.
Previously, LORS was used exclusively by Lloyd's syndicates. Under an initiative spearheaded by Aon's marine and energy reinsurance divisions, however, the broker will now be able to carry out paper payment transactions electronically and settle claims within three days.
