Ardonagh Specialty’s Price Forbes moves all business lines to Whitespace

Ardonagh Specialty’s Price Forbes has moved all its lines of business to the Whitespace eTrading platform.

Whitespace allows brokers and underwriters to offer, negotiate, place and bind (re)insurance contracts in a digital form.

The move means all of Price Forbes’ placements will now begin using data-first templates on Whitespace, with application programming interface (API) integration being delivered throughout 2024.

The teams that will now be using Whitespace include marine, property, casualty, energy renewables, aviation, power, healthcare, construction, fine art, jewellery and specie, terrorism, credit and political risk, professional lines, bloodstock, life science, mining, real estate and professional lines.

The move came after Price Forbes partnered with Whitespace in July 2019 to provide electronic placing capability for its London business – it is now looking to widen its adoption of the platform.

Laurence King, chief digital officer at Ardonagh Specialty, said: “In 2019, Price Forbes placed the first risk on the Whitespace platform and we now look forward to further developing our partnership with Whitespace and exploring all aspects of digital trading with them.”

Digital transformation

King also explained that the “commitment to a data-first approach with Whitespace” will allow the business to deliver digital transformation.

“By moving away from document-centric processes and adopting the Whitespace platform for all lines of business, we are demonstrating our commitment to providing best in class coverage for our clients, enhanced underwriting data for our markets and a significantly streamlined placement journey for our people,” he added.

“All our stakeholders will benefit from both the quality and quantity of data available.”

The deal came after Marsh extended the rollout of its digital trading initiative for risks placed in the London market by enabling eTrading of its UK specialty and international business via Whitespace.

Ardonagh Specialty said it was now joining a number of firms adopting Whitespace’s platform across all business lines.

Marcus Broome, chief platform officer at Whitespace, said: “Ardonagh Specialty’s decision to migrate all lines of business onto the platform is a testament to the power of our data-first model and a significant step for the market.

“They are already placing large volumes of contracts on the platform, with a substantial migration of teams from October 2023 onwards, and Whitespace is a key component to its end-to-end strategy. We are delighted to support Ardonagh and continue our strong relationship with them.”