Marsh and Chaucer have bound the first risk on PPL, the London market’s newly launched electronic placement system, yesterday morning.
Marsh was the broker for the standalone terrorism risk bound on the platform, and Chaucer the underwriter.
PPL went live yesterday for standalone terrorism risks – its first line of business. The Marsh/Chaucer deal was bound in the first hour of trading.
PPL board chairman David Ledger said: “The success of PPL is always going to be based on the market coming together behind one system. The fact that a risk was bound less than an hour after we opened for business is a great vote of confidence that we are going in the right direction.”
Marsh UK and Ireland chief executive Mark Weil (pictured) said: “This represents an exciting step as we push to increase the speed and efficiency of our marketplace to the benefit of our clients. We look forward to extending this across further lines of business.”
Chaucer chief underwriting officer John Fowle added: “We are delighted to have bound the first risk on PPL. We have been keen supporters of this initiative since the beginning, and firmly believe that this is an essential new tool for enabling underwriters and brokers to provide a better and more efficient service for clients.”