Placing Platform Limited (PPL), the London market’s electronic placing platform, will be appointing a new chair. Ahead of the appointment, PPL’s board announced that Hiscox chief executive Bronek Masojada is slated to replace David Ledger.
“I am absolutely delighted that Bronek has agreed to become chair,” commented Ledger.
“He is a passionate advocate for market modernisation and will undoubtedly lead the next stage of PPL’s development with drive and commitment.”
In addition to the announcement, both the outgoing and incoming chair highlighted PPL’s key priorities moving forward.
Ledger also stressed that the fact that more than 15,000 risks have been bound on the system is proof positive of the platform’s effectiveness.
“Those businesses that are embracing electronic trading are already beginning to reap the benefits from both an efficiency and growth perspective,” he said.
“We do however need to move faster as regards adoption or we run the risk of losing all the momentum that has been generated over the past few months.”
Masojada, for his part, looks forward to becoming chair of PPL and has outlined a plan towards adoption – part of which is working with the broking and underwriting communities to hit the target.
“David and all those involved in PPL have done the heavy lifting and delivered a product that works,” said the Hiscox CEO. “Our ambition is now to drive adoption from 15% to 80% of London risks.”
Calling on the industry, Masojada added:
“I ask all those interested in the long-term success of London to identify and get on with what they can do to achieve this, rather than enjoying the spectator sport of watching others fail.”
It wasn’t made clear when Ledger is stepping down.