Aon calls on Lloyd's of London market to e-trade during COVID-19 pandemic

Re/insurance broker Aon is urging Lloyd’s of London and International Underwriting Association (IUA) markets to electronically bind treaty placements from 1 April renewals onwards as the COVID-19 pandemic forces insurers to suddenly adapt its working practices.

The company has unveiled a new bind feature on its electronic trading portal, ABConnect Placements, where markets can complete and bind Aon's treaty reinsurance placements without the need for face-to-face meetings.

Aon is communicating the enhancement to reinsurance companies, including instructions for Lloyd’s and IUA underwriters so they can use the bind feature to accept the terms and generate a final bound slip, complete with the required stamp and other details.

“With the global outbreak of COVID-19, electronic and online capabilities play an even more vital role in reinsurance transactions as we adapt the way we operate to support remote working," said Andy Marcell, CEO of Aon’s Reinsurance Solutions business. "Not only is ABConnect Placements an important part of Aon’s overall digital strategy, it has very suddenly become a critical method to place treaty business as we continue to best serve our insurer clients. It leverages our global sales technology and gives reinsurers a single platform to remotely access all treaty placements – traditional or via auction.”

Nick Frankland, UK CEO of Aon’s Reinsurance Solutions business, added: “This is another breakthrough in the modernization of the London market. We are excited to lead advancements in digital innovation and support the Lloyd’s Blueprint. With in-person meetings not currently possible, we look forward to collaborating with all our reinsurer trading partners electronically via ABConnect Placements so we can collectively support and transform the marketplace in which we operate.”