London, UK — AEGIS London’s online quote-and-bind platform Opal handled record-breaking volumes of business in May.
For the first time, the platform generated over $5m of net premium in a single month.
As of end-May, Opal has also now generated $100m net for the syndicate since the platform’s launch in 2016.
David Croom-Johnson, AEGIS London’s managing director, said: “These landmark numbers for Opal demonstrate the significance of the contribution made by the platform to AEGIS London’s financial performance. The suspension of face-to-face trading at Lloyd’s has certainly provided impetus, but the direction of travel was already clear. Opal is seeing double-digit growth year-on-year. Electronic trading will increasingly ensure we remain a top quartile performer in the Lloyd’s market.”
Tom Squires, AEGIS London’s head of digital trading, said: “These latest Opal numbers vindicate our strategy of exploring the benefits of electronic trading and distribution. Opal and PPL are currently the two key planks of this strategy, but our aim is to broaden our distribution and user-base further.
“I think it’s fair to say that this year has seen the London market enter a new world of electronic trading and we intend to maximise the benefits we can gain from it.”
Opal was launched in 2016 to provide a means for SME business, previously thought uneconomical for London underwriters, to be written in Lloyd’s.
Adrian Beeby, Luther Pendragon
020 7618 9100
Notes to Editors
AEGIS London is the UK-based subsidiary of AEGIS (Associated Electric & Gas Insurance Services Limited), a mutual insurance company that serves the needs of the energy industry. AEGIS London operates Syndicate 1225 at Lloyd's.
AEGIS London has grown from its origins as an energy insurance specialist and is today a successful, diversified business, leading and participating in a wide range of classes traditionally written in the Lloyd's market. With over 130 people in its team in London and two in Canada, the business continues to develop its capabilities in new business lines, bringing its unique, collaborative style to new clients and new classes, while operating for the mutual benefit of all involved.