Based on $70m gross premium passing through the platform, the 40% rise is a combination of both continuing organic growth since the system’s launch in 2016 and the boost in e-trading created by lockdown.
Tom Squires, AEGIS London’s head of digital trading, said: “These latest Opal numbers show a very solid performance for 2020 and clearly point the direction of travel for electronic trading in the London market.
“Lockdown has added impetus to our drive to bring smaller-ticket busines to London online, where its most economical to underwrite. The challenge will come once lockdown ends. Then we’ll find out if we’ve added sufficient value to make the e-trading route more attractive than the traditional analogue alternative. These growth stats suggest that we have.”
Opal was launched to provide a means for SME business, previously thought uneconomic for London underwriters, to be written in Lloyd’s.