Liberty Specialty Markets (LSM), part of the global Liberty Mutual Insurance giant, has announced the launch of an electronic trading platform for trade credit insurance.
Toredo is a web-based platform that will facilitate trading in specialised trade credit insurance for banks, corporates and commodity traders.
Using Toredo, underwriters, brokers and Liberty clients will be able to buy and sell insurance capacity with greater speed, visibility and efficiency.
LSM will provide its own insurance capacity to Toredo, but said that other capacity expected to come from a soon-to-be announced consortium of underwriters.
Peter Sprent, Head of LSM’s Global Financial Risks team, commented, “Our aim in launching Toredo is to improve customer experience by making the purchase of single situation trade credit simpler, faster and more cost-effective.
“Toredo will provide real efficiency savings by giving brokers and clients greater visibility over underwriter risk appetite, capacity and pricing as well as closing transactions with much greater speed.”
LSM had previously named Chris Hall from Lloyds Banking Group as a new hire of Senior Underwriter in its Global Financial Risks team. Hall was hired to develop a new trade finance initiative, which LSM said can now be confirmed as Toredo.