Benfield has announced that it successfully supported the placement of 98% of its 1 April Japanese renewal business with the Group of Six (G6) alliance of Lloyd's underwriters using its Peer to Peer standard messaging system.
Hundreds of risk messages were sent electronically by Benfield to the G6 via Peer to Peer using the ACORD data standards, with placement documents being downloaded and processed by the Lloyd's underwriters.
Benfield is now working towards processing live risks with the G6 using Peer to Peer for contracts emanating from Australia, New Zealand and South Africa renewing principally at 1 July 2007.
“Benfield has a reputation for leading the market in developing innovative technology to achieve greater market efficiency and has been at the very forefront of the electronic data transfer initiative with the G6 since it's inception,” commented Rupert Swallow, head of global operations at Benfield. “The successful processing of our Japanese renewal business that was placed with the G6 using Peer to Peer is another leap forward towards our goal of achieving full electronic data transfer with the G6 and securing contract certainty.”