Toredo, the web-based platform launched by Liberty Specialty Markets (LSM) earlier this year for the transaction of specialised trade credit insurance, has underwritten its first risk.
In March, LSM partnered with The Channel Syndicate and Canopius to form a $27 billion consortium – the London Credit Consortium – to provide capacity for the Toredo trading platform.
The London Credit Consortium has now revealed that Toredo was utilised for its first risk in June, and now has a developing pipeline of transactions.
Chris Hall, consortium underwriter at LSM, 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.”
Toredo was designed as a platform that would bring transparency, efficiency and security to the underwriting of short term non-payment insurance, according to the Consortium.
“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,” added Hall. “Toredo is a great example of technology that works and brings real efficiency to the market.”