London (21 April 2020) – Aon plc (NYSE:AON), a leading global professional services firm providing a broad range of risk, retirement and health solutions, has received accreditation from Lloyd’s for its reinsurer trading portal, ABConnect Placements.
Following the recent deployment of Aon’s binding function, the Lloyd’s Franchise Board provided ‘conditional recognition’ of Aon’s ABConnect Placements platform so valid contracts can be written through ABConnect Placements as ePlacements.
Lloyd’s is pleased to confirm that Aon’s ABConnect Platform has been approved as part of the electronic placing mandate for reinsurance.
This means ABConnect Placements will help managing agents meet the Lloyd’s Electronic Submission & Placement minimum target mandates for end to end processing, including the final binding, for treaty reinsurance contracts. In addition to Lloyd’s, the functionality is also relevant to the IUA (International Underwriting Association) company market placements.
Andy Marcell, CEO of Aon’s Reinsurance Solutions business, said: “ABConnect Placements is an important part of Aon’s overall digital strategy and we are excited to drive engagement with the London market through our enhanced portal. Globally, we have seen a steady increase in usage – for example, sharing underwriting information and firm order terms each increased by 20% on the 1 April 2020 placements compared to 2019. Our goal is to further increase take up in collaboration with our trading partners in London.”
Aon is now listed on the Lloyd’s Electronic Placement Requirements and Standards website.