Placing Platform Limited - Progress Update
May 22 2015 - 7:30AM
The Board of Placing Platform Limited (PPL Board), on behalf of
IUA, LIIBA and LMA, is continuing to develop a proposal for a
utility placing service for the market.
As the result of a comprehensive tender exercise, with quality
assurance provided by Accenture, the PPL Board has selected Ebix
Inc. (Nasdaq:EBIX) as its preferred software supplier. The tender
involved a comprehensive review of the market wide requirements for
electronic support for placing. The proposed service will be a key
component of the modernized London market envisaged in LMG's Target
Operating Model.
PPL has presented its high level proposal to the Boards of IUA,
LIIBA and LMA. All three gave their broad support for the concept.
Work is now underway to position the platform ready for a launch
later in 2015 and this includes:
- finalizing the contractual agreement with Ebix;
- prioritizing and implementing underwriter and broker defined
enhancements and establishing a clear roadmap for further
enhancements thereafter; and
- developing a comprehensive implementation and resource plan to
ensure rapid adoption of the platform.
In order to secure sign up by firms to the service, the PPL
Board will make a prospectus available covering details of the
platform and its proposed use, terms and conditions, costs and
other key areas of information.
Initial implementation is likely to be in the terrorism sector
followed by a structured roll out across other classes. PPL is
currently in discussion with an initial group of operations experts
and practitioners nominated by Board members to support this
process. It will seek to involve additional groups of experts as
implementation progresses to ensure that the platform is designed
by the market for the market.
The Board of Placing Platform Limited:
David Ledger - Aon (Chair) Victoria Davison - Marsh Simon
Gaffney - Willis David Hough - LIIBA Adam Rushin - Hiscox Kirk
Maddern - Liberty Specialty Markets Kevin Miller - Aspen Lance
Grant - ACE
In addition Nick Williams-Walker (JLT) and Shirine Khoury-Haq
(Lloyd's) attend Board meetings as observers.
About Ebix, Inc.
A leading international supplier of On-Demand software and
E-commerce services to the insurance, financial and healthcare
industries, Ebix, Inc., (Nasdaq:EBIX) provides end-to-end solutions
ranging from infrastructure exchanges, carrier systems, agency
systems and risk compliance solutions to custom software
development for all entities involved in the insurance
industry.
With 40+ offices across Brazil, Singapore, Australia, the US,
UK, New Zealand, India and Canada, Ebix powers multiple exchanges
across the world in the field of life, annuity, health and property
& casualty insurance while conducting in excess of $100 billion
in insurance premiums on its platforms. Through its various
SaaS-based software platforms, Ebix employs hundreds of insurance
and technology professionals to provide products, support and
consultancy to thousands of customers on six continents. For more
information, visit the Company's website at www.ebix.com
CONTACT: Jacqueline Marcus, Edelman
212-277-3787 or Jacqueline.Marcus@edelman.com
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