Ten leading brokers have now successfully integrated into Placing Platform Limited’s (PPL) Next Gen risk placement platform, including Marsh, Aon and WTW. Additionally, McGill & Partners and Guy Carpenter have also recently adopted the platform.
The new version of the electronic trading platform used in the London insurance market marks a significant step towards a complete transition by October 1st.
Existing platform users, Howden, Lockton, AJ Gallagher, and Tysers, PPL report that brokers responsible for placing over 95% of market risks are now operational on PPL Next Gen.
“Each of the major brokers has had their own path to the adoption of Next Gen. It is great news that we now have all the larger brokers set up on the platform and with plans in place to ramp up to full usage by October 1st. Our attention will now turn towards supporting firms in the completion of this transition,” said Colin O’Malley, Chief Operating Officer of Placing Platform Limited.
Notably, PPL reported a notable uptick in the adoption and use of the Next Gen platform during June, which has led to the current announcement. Next Gen was made accessible for placements across the entire market in April after a four-week period of limited access, during which market entities underwent training and preparation.
