JLT has joined Placing Platform Limited (PPL), the London Market's electronic placing platform. PPL is aimed at supporting more flexible negotiation and fast placement allowing brokers and insurers to quote, negotiate and bind business electronically. It is seen as a central part of the London Market modernisation programme.
Launched in July 2016, the number of risks bound using the system has been steadily increasing with the London Market Group putting the figure at more than 10,000 risks. It is expected that by the end of 2018 all classes of business will be on the platform – this week it has been announced that property and casualty lines of business are now live with bloodstock and livestock to be added later this month. Lloyd's broker UIB is the last of the top 10 UK-listed brokers not to be a member but is considering its position.
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