Ed, the global reinsurance, wholesale and specialty insurance broker, is pleased to announce that it placed 67% of firm orders through the London market’s joint electronic placement system between August and November of 2018.
Responding to PPL chairman Bronek Masojada’s call for the publication of a league table of brokers’ adoption of electronic trading, Jonathan Prinn, Group Head of Broking at Ed, said: “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.”
Because TradEd, the broker’s proprietary electronic placement system for wholesale re/insurance, has been ‘recognised’ by Lloyd’s as an eligible electronic placement platform, use of the system helps 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 said: “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.”