Broker Ed backs calls for publication of brokers’ PPL league tables

Broker Ed has bragged that it placed almost 70 percent of orders using the London market’s joint electronic placement system in the latter part of 2018 – and it has backed calls for a league table to be published showing brokers’ adoption of the platform.

The global reinsurance, wholesale and specialty insurance broker placed 67 percent of firm orders through the London market’s joint electronic placement system between August and November of 2018.

Bronek Masojada, the chairman of Placing Platform Limited (PPL) has previously called for a league table of brokers’ adoption of electronic trading to be published, believing this would encourage more brokers to adopt the system.

Jonathan Prinn, group head of Broking at Ed, said that he would back the implementation of such a system. “Bronek is right to point to electronic trading gaining traction. At Ed Broking, we agree that all brokers should demonstrate their ability to change and reveal their rate of PPL usage,” he said.

TradEd, the broker’s proprietary electronic placement system for wholesale re/insurance, has been ‘recognised’ by Lloyd’s as an eligible electronic placement platform. This has helped raise electronic broking awareness among Ed’s clients.

In addition, managing agencies with data feeds connected to TradEd, which Ed utilises for all risks, are now able to count these risks towards their own quotas for electronic placement.

Prinn added: “We do everything on TradEd, and use it to build structured slips online, capturing all the data traditionally compiled in a lengthy Word or PDF document. We are now in a position to offer carriers that data via a web service, and in doing so provide cost-reducing benefits to carriers, as well as adhering to quotas for electronic placement.

“We are actively working with carriers and PPL to develop a system to integrate TradEd data directly into PPL. That is the logical next step, and we are keen to be the first mover.”