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Benfield leads on electronic trading

Reinsurance broker Benfield Group has successfully completed 98 percent of its 1/4 Japanese renewals electronically with the G6 group of Lloyd’s insurers.

Rupert Swallow, head of Global Operations at Benfield, said: “We have worked very hard with the G6 through the 1/1 renewal season and learned lessons that we needed to in order to achieve this result.”

The G6 comprises an alliance between Amlin, Beazley, Catlin, Hiscox, Kiln and Brit, which is aiming to drive process reform within Lloyd’s.

Swallow continued: “The reason that Benfield have achieved what we have is because the technology is not new to us. So while the standards are new we are used to the technology and are able to go into a new age for reinsurance.”

Last July Benfield announced that it was ready to process live risk messages with the G6 after implementing its peer-to-peer standard messaging system.

At the time Grahame Chilton, chief executive of Benfield, commented: “Benfield has a reputation for leading the market in developing innovative electronic systems and promoting greater market efficiency. We firmly believe that peer-to-peer is a very effective way of creating critical mass that will help the London Market to quickly adopt electronic trading.”

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