First Trade Credit risk bound on web-based trading platform - Toredo
Toredo, the web-based platform launched earlier this year for the transaction of specialised trade credit insurance, has underwritten its first risk.
According to the London Credit Consortium – a partnership of Liberty Specialty Markets, Canopius and The Channel Syndicate – Toredo was utilised for its first risk in June and now has a developing pipeline of transactions. The London Credit Consortium provides capacity to the platform.
Toredo is designed to bring transparency, efficiency and security to the underwriting of short term non-payment insurance.
Chris Hall, consortium underwriter at Liberty Specialty Markets commented: “Undertaking our first transaction on the Toredo platform is the exciting culmination of a long development programme. We look forward to working with more brokers and clients to support them in their business requirements.
“Our pipeline of future transactions is strengthening all the time. Toredo has attracted considerable interest from the market with many brokers and clients looking at the platform as a new way to transact this specialist class of business.
“With so much focus on electronic trading in the Lloyd’s market at the moment it is important for Liberty Specialty Markets and our consortium partners to embrace these developments. Toredo is a great example of technology that works and brings real efficiency to the market.”
For more information regarding the Toredo platform or the London Credit Consortium please CLICK HERE and leave a message for Chris Hall (quoted in this article) and youTalk-insurance will pass your enquiry on.
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 1,700 staff in approximately 65 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 (Liberty Mutual Re). 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. Liberty Mutual is the 5th largest global insurer based on 2017 gross written premium, with over 50,000 employees in 30 countries and economies around the world. Our purpose is to help people embrace today and confidently pursue tomorrow. The promise we make to our customers throughout the world is to provide protection for the unexpected, delivered with care. We achieve this by offering a full range of personal, commercial, and specialty Property & Casualty insurance coverages. Our customers’ trust has earned us the 68th spot on the Fortune 100 list of largest corporations in the U.S., based on 2017 revenue.
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