BPL Global was announced Lloyd’s and London Market Broking Team of the Year at the British Insurance Awards in July 2022.
“A true specialist, BPL’s expertise and value to the Lloyd’s and London market underlined its credentials as the winner of Broking Team of the Year. From a commitment to developing markets in support of climate objectives to growing its international presence; from using digital technology to improve communication and transparency with both clients and insurer partners, BPL was the standout entry in a competitive and well contested category.” – Jonathan Swift, director of content, Post
BPL Global caught the judges’ attention by enhancing its ESG credentials alongside placing complex risks, bringing global business to London, and providing quality data insight for clients. BPL Global specialises in credit and political risk insurance (“CPRI”), covering international trade, investment and lending, and structured insurance programmes.
The Lloyd’s broker has further consolidated its position over the past 12 months through successful implementation of digitisation initiatives, commitment to developing markets in support of climate objectives, and growing its international presence and expertise.
BPL has sought to improve clients’ data capabilities with BPL Sphere, a digital portfolio management tool, and transform broker-underwriter communication by successfully piloting an application programming interface which allows for seamless systems-based digital integration between brokers and insurers alongside enhanced data accuracy, reliability, and analytics.
Through BPL Sphere, clients now benefit from full and immediate visibility of their CPRI portfolio and exposures across their global operations, including country and counterparty exposures, active policies and corresponding endorsements, invoice payments and claims. BPL Sphere enables risk management oversight alongside in-depth analyses of premium spending, insurer relationships, and exposures to streamline internal reporting.
BPL wanted to address both the needs of the insurance sector and the challenges posed by a warming planet. BPL was the only CPRI specialist to attend COP 26 in November 2021 in Glasgow, supporting the launch of the Green Guarantee Company – an initiative to provide risk transfer solutions for green financing innovation in emerging markets.
The GGC provides emerging market debt issuers with access to new investor pools by increasing the creditworthiness of an issuance by its guarantee. By supporting the development of a political risk insurance framework, BPL provided a basis upon which insurers can back the GGC, resulting in improved capital flows between developed and developing markets in support of climate objectives.
BPL also assisted clients to access Euler Hermes’ Green2Green Single Risk solution and expanded its corporate social responsibility (CSR) activities. The solution has helped tackle climate change by insuring green transactions and investing the premium into certified green bonds, creating a virtuous green cycle.
Aiming to bolster its international presence and better serve global clients based in the UK, BPL established a binding authority with Lloyd’s Japan in response to an uptick in demand for a global insurance solution that covered their Japanese subsidiaries.
Under the Lloyd’s Japan arrangement, BPL unlocked Lloyd’s market capacity for credit risk cover for Japanese operations, giving Japanese insureds immediate access to Lloyd’s security – reducing unnecessary complexity and cost.
“BPL is without a doubt an exceptional player in the field. The Sphere client platform is a valuable addition, and they also appear to be taking ESG very seriously,” the judges said.