Broker Says Bind Feature Will aid 1/4 Renewals

Broker Aon has announced it has added a new enhancement to its reinsurer trading portal, in an effort to aid the London market’s ability to deliver on the 1 April renewals.

The firm has added a new bind feature to its ABConnect Placements, to electronically bind treaty placements with Lloyd’s and International Underwriting Association (IUA) markets.

The feature enables reinsurers to complete and bind Aon’s treaty reinsurance placements without the need for face-to-face meetings.

Aon is currently communicating the enhancement to over 10,000 individuals at reinsurance companies across the market. The correspondence includes instructions for Lloyd’s and IUA underwriters, to ensure they are ready to use the bind feature to accept the terms and generate a final bound slip, complete with the required stamp and other details.

Andy Marcell, CEO of Aon’s Reinsurance Solutions business, said: “With the global outbreak of COVID-19, electronic and online capabilities play an even more vital role in reinsurance transactions as we adapt the way we operate to support remote working. Not only is ABConnect Placements an important part of Aon’s overall digital strategy, it has very suddenly become a critical method to place treaty business as we continue to best serve our insurer clients. It leverages our global sales technology and gives reinsurers a single platform to remotely access all treaty placements – traditional or via auction.”

Nick Frankland, (pic) UK CEO of Aon’s Reinsurance Solutions business, added: “This is another breakthrough in the modernisation of the London market.

“With in-person meetings not currently possible, we look forward to collaborating with all our reinsurer trading partners electronically via ABConnect Placements so we can collectively support and transform the marketplace in which we operate.”