XL Catlin claims first political policy transaction on PPL

XL Catlin has announced that it is the first insurer to bind a political risk policy on the London Market’s electronic placement platform, Placing Platform Limited (PPL).

PPL is an electronic placing platform which enables brokers and insurers to quote, negotiate, bind and endorse business digitally. It was designed to allow participants in the London Market to place risk electronically in order to support face-to-face negotiations while removing paper from the process and thus creating a digital information flow and audit trail.

“We have been, from the very start, supporters of the adoption of electronic placement, and what PPL can help the market achieve in terms of efficiency,” said Paul Greensmith, UK country leader and director, London market wholesale. “The launch of the platform was a key step in digitalising the London Market and we are proud to be at the forefront of this effort.”

Andrew Underwood, head of political risk, credit & bond, UK & Ireland, said: “Transacting on PPL is a natural evolution of our proposition to brokers and clients, so going live on day one was top priority for us. Both we and the broker, BPL Global, were extremely impressed with how easy the platform is to use and the benefits it gives us.”