Marsh, AON and Willis are running a series of workshops this week to encourage underwriters to implement the London Market Principles (LMP2001).
The world's three largest brokers will be hosting the sessions on June 6, 7 and 8 to help underwriters use the new slip templates, which aim to modernise the way the market does business.
Marsh will sponsor the aviation surgery, Aon will look after the non-marine side and Willis will be in charge of the marine workshop. The meetings will be held at the London Underwriting Centre.
“There's a lot of concern out there about LMP2001,” said Stewart McCulloch, chairman of the LMP2001 steering group. “But those fears are misplaced – common sense is going to prevail and prove it is not that bad.”
He added that the three brokers were aiming to place 1,000 risks using the new slips during the July renewal season.
“The renewal period is a pilot session and we're hoping to place between 20% to 30% of our business in this way and thereby bring LMP2001 to life,” he said. “We're moving at a rate we never have done before. The next big challenge will be the September renewals.”
