LiquidX, the international network for illiquid assets, has partnered with global insurance and reinsurance broker Marsh, on the launch of a “next generation” platform for the trade credit insurance sector, called the Liquid Trade Credit Insurance Marketplace.
The new electronic marketplace went live recently, with numerous transactions executed and underwritten by insurers Euler Hermes and Atradius, the first to offer their products via the network.
The platform enables insureds to electronically and directly access the trade credit underwriting market for their insurance requirements, and is open to any interested insured party, providing them with market value transparency.
“We are delighted to work with industry leaders such as Marsh, Euler Hermes and Atradius to launch an electronic marketplace, which we all believe will revolutionize the way trade credit and other insurance products are transacted,” said Jim Toffey, Chief Executive Officer (CEO) of LiquidX.
Michael Kornblau, US Trade Credit Practice Leader at Marsh, added: “This is a great opportunity to expand distribution for the trade credit insurance industry and enhance transactional speed and efficiency for clients.”
The President and CEO of Euler Hermes Americas, James Daly commented: “Euler Hermes is pleased to launch this exciting partnership with LiquidX to deliver innovative solutions to our existing and future customers. It is our priority to provide all businesses with the confidence to trade safely and grow their businesses, knowing their cash flow is protected.”
According to an announcement on the launch, for both bank and non-bank investors and corporate suppliers, the new electronic platform offers efficient online execution and supports the simple processing of insurance policies.
“The LiquidX electronic marketplace for trade credit insurance is an innovative solution which stands to deliver industry wide benefits and we’re very happy to play a central role in its creation,” added David Huey, President & Region Director North America, Atradius.