Posted on 14 Sep 2010
Premier reinsurance intermediary and capital advisor Aon Benfield announced on Monday that its facultative placement platform has been linked to the Lloyd's Exchange and is transmitting messages to London market syndicates.
FAConnect(R), which was launched ten months ago and already has more than 350 users, has successfully traded messages with the Exchange following several weeks of integration work between Aon Benfield Fac and Lloyd’s Market Operations teams.
The Exchange enables brokers, underwriters and IT suppliers to have a single connection point from which they can send and receive information securely between multiple parties, to one common standard.
FAConnect allows ceding companies to connect directly with reinsurance markets, enabling them to quote and bind their facultative risk placements from an internet-enabled device in less than five minutes.
By linking to the Exchange, FAConnect users and market participants can exchange risk information electronically using the common ACORD data standards.
Richard Ward, Lloyd’s Chief Executive, said: “We are pleased that the Exchange and Aon Benfield’s FAConnect can now work together. The ability to exchange messages with FAConnect means that information can be delivered immediately with no need for rekeying. The London market is making great progress in utilizing technology, and Aon Benfield is leading the way in innovation.”
FAConnect currently accommodates 13 product lines, and integration with the Lloyd’s Exchange will build upon this trading base. The Amlin and Catlin syndicates will be the first Lloyd’s entities to begin receiving messages from FAConnect through the Exchange.
Elliot Richardson, CEO of Aon Benfield Fac, said: “Connectivity is the next step in expanding our trading relationships and we are excited to move into a pilot phase with Amlin and Catlin. The initial focus was on exchanging placement messages, but both FAConnect and the Exchange have the capability to process business electronically end to end, which is what we ultimately would like to achieve.“
Paul Brand, Catlin’s Group Chief Underwriting Officer, commented: “The Lloyd’s Exchange is an important step towards a common electronic trading environment in the London market, and its integration with FAConnect further highlights the commitment of the industry to maintain the momentum.”
David Harris, Managing Director of Amlin Underwriting Limited, added: “We are pleased to be able to work with FAConnect through the Lloyds Exchange. This will be an important step in the evolution of electronic placement support for our market, and we are delighted to be working with Aon Benfield to enhance the service that can be offered to our joint client base, today announces that its facultative placement platform has been linked to the Lloyd’s Exchange and is transmitting messages to London market syndicates.
FAConnect®, which was launched ten months ago and already has more than 350 users, has successfully traded messages with the Exchange following several weeks of integration work between Aon Benfield Fac and Lloyd’s Market Operations teams.