Beazley, AEGIS lead the Lloyd’s electronic placement table

Beazley syndicate 3623 and Aegis syndicate 1225 are leading the ranking of electronic placement adoption at Lloyd’s, according to a new table published for the first time by the London Market Group.

Beazley syndicate 3623 (Beazley Furlonge) had an electronic placement adoption rate of 61 percent while Aegis syndicate 1225 (AEGIS Managing Agency) reached 60 percent.

They are followed by Allied World syndicate 2232 (Allied World Managing Agency) with 51 percent and Apollo syndicate 1969 (Apollo Syndicate Management) with 50 percent.

The Corporation of Lloyd’s has introduced a mandate for electronic placement in March 2018 requiring minimum targets for electronic placement of risks. From the end of the second quarter this year, each syndicate was required to have written no less than 10 percent of its risks electronically. This target rises by 10 percent each quarter until the fourth quarter of 2018 to reach 30 percent. Further targets will be confirmed prior to the end of the period.

Louise Day, director of operations at the IUA (International Underwriting Association), commented: “The number of risks accepted via PPL (Placing Platform Limited) continues to grow across the company market with several firms doubling their trade on the platform since the previous quarter. IUA members comprise many different business models and processing arrangements, yet support for PPL is widespread with adoption rates matching those achieved by Lloyd’s managing agents.”

But there are also syndicates that missed the targets. Outgoing Lloyd’s CEO Inga Beale had said when introducing the electronic placement mandate in March 2018 that “those that fall short will be required to contribute towards the costs of modernising the market.

The laggards in the adoption league for electronic placements are syndicate 2525 (Asta Managing Agency Limited) and Skuld syndicate 1897 (Asta Managing Agency Limited) both with a 4 percent electronic placement adoption rate. They are followed by China Re syndicate 2088 (Catlin Underwriting Agencies Limited) with 9 percent and Novae syndicate 2007 (Axis Managing Agency Limited) with 13 percent.

Get all the latest re/insurance industry news with our daily newsletter -  sign up here.

More of today's news

Willis Towers Watson reveals new chairman

Syndicates accept 30% of risks electronically in Q3

DARAG consolidates move into North America with acquisition

AXA XL snaps up 100% ownership of New Ocean Capital Management

Willis Towers Watson swoops for Lloyd's execs in digital push

Don't miss our insurtech email newsletter - sign up today