Lloyd's To Shake Up Digital Offering With 2 New Exchanges

Law360, London (May 1, 2019, 7:52 PM BST) -- Lloyd’s of London said Wednesday that it plans to set up two new automated exchanges as part of a range of proposals aimed at responding to rapid technological advancement and changing demand from its insurance customers.

The world’s biggest specialty insurance market said its “bold new strategy” should ease access to the global insurance market and lower the cost of doing business. The first of the two fully digital exchanges, called Lloyd’s Risk Exchange, will be used for simple insurance business where risk can be placed more quickly than today's platform. The second exchange will be reserved for more complex risk,...

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