Aegis London’s online quote-and-bind platform Opal generated over £4m of net premium in May, the highest level yet recorded by the business. It follows in the wake of the suspension of face to face trading at Lloyd’s earlier this year.

Aegis said that as of end-May, Opal had generated £79m net for the syndicate since the platform’s launch in 2016.

David Croom-Johnson, Aegis London’s managing director, commented: “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.”

Tom Squires, Aegis London’s head of digital trading, added: “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.

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