Liberty Specialty Markets offers specialty and commercial insurance and reinsurance products across key UK, European, Middle East, US and other international locations. We provide brokers and insureds with a broad range of products through both the Company and Lloyd’s markets and have over 900 staff in 25 offices. Liberty Specialty Markets was established in September 2013 bringing together Liberty’s company, syndicate and reinsurance operations into one combined operation, composed of three business units: Commercial, Specialty and Reinsurance. This integrated approach means brokers and clients can benefit from our global reach and operating efficiencies
Liberty Specialty Markets is part of global insurer, Liberty Mutual Insurance Group, a diversified global insurer, formed in 1912 and headquartered in Boston, Massachusetts. A U.S. Fortune 100 company, Liberty Mutual operates around the globe offering a wide range of insurance products and services, with more than 50,000 employees in over 800 offices throughout the world. The company is the fifth largest property and casualty insurer in the U.S. based on 2015 direct written premium data as reported by the National Association of Insurance Commissioners. It is ranked 73rd on the Fortune 100 list of largest corporations in the U.S. based on 2015 revenue.
Channel and Canopius join Liberty to back $27 billion consortium
The Channel Syndicate and Canopius will join Liberty Specialty Markets in forming a consortium to provide capacity for Toredo, an online platform for single situation trade credit insurance.
The London Market Credit Consortium (LMCC), will provide up to $75m of capacity per risk with a maximum two-year period.
The capacity will initially support short-term trade finance business and can be accessed by any Lloyd’s accredited broker signed up to the Toredo platform.
Chris Hall, who was hired by Liberty Speciality Markets in January as consortium underwriter, said: “By forming this consortium we’re able to bring together like-minded underwriters who can provide significant capacity to the underwriting of short-term trade finance business.
“At launch, the consortium will offer $27bn of capacity covering 418 financial institutions in 72 countries. This capacity will grow as we engage with our brokers and clients to determine their needs.”
Bernie de Haldevang, Head of Specialty at Canopius, added: “This is a very exciting development for the structured credit insurance market. Providing dedicated capacity to the Toredo e-trading platform will create greater efficiencies in the underwriting of short-term trade finance risks, which will give brokers and their clients better access to a significant amount of capacity that has been rather dormant in this interesting part of the class to date.”
Kade Spears, Divisional Head of Specialty at The Channel Syndicate commented: “Our market needs an online, quote-to-bind platform for short-term trade finance. This will allow clients and brokers to transact in a more efficient and secure manner. Toredo provides that solution.”
Liberty announced plans to launch Toredo earlier this month. The launch date for both Toredo and the LMCC will be confirmed shortly alongside full details of its product range and instructions for accessing the platform.
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