Lloyd’s to name syndicates missing PPL targets
Lloyd’s plans to name syndicates that miss electronic placement targets on the PPL platform in an attempt to force higher adoption rates.
“In the second quarter (July-September 2018) report, we will increase the transparency with league tables of all participants,” said Bronek Masojada, chair of the PPL board.
For the first quarter report (April-June), the London Market Group (LMG) will only publish anonymised individual businesses’ data.
The Corporation of Lloyd’s i ntroduced a mandate for electronic placement in March 2018 requiring each syndicate to have written no less than 10 percent of its risks electronically from the end of the second quarter of 2018 through the PPL platform.
The electronic placement mandate is designed to accelerate the market’s transformation from paper to digital and increase efficiency.
Latest data by the LMG shows that 24 percent of Lloyd’s syndicates missed the target for electronic placement between April and June 2018.
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