Liberty Mutual Insurance’s Liberty Specialty Markets (LSM) is introducing a web-based platform for transacting specialized trade credit insurance for banks, corporates and commodity traders in the UK.
The platform, dubbed Toredo, will be launched shortly. It will enable underwriters, brokers and clients to purchase and sell insurance capacity with better speed.
LSM will operate the platform and provide capacity to it. The soon-to-be announced consortium will provide other capacity .
LSM global financial risks team head Peter Sprent said: “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.”
The company said it will shortly announce the full details of Toredo’s product range and instructions for accessing the platform.
LSM is expanding the range of product lines underwritten by its French operation and increase the size of its team. It will also make a series of investments in its French business.
LSM’s Continental Europe Head Kadidja Sinz stated that the company will roll out new line of business in France which will include surety, fine art and specie, contingent risk and terrorism.
The surety product will focus on major French exporters and construction firms and fine art and specie will provide coverage for museums and shows as well as private collectors. These four products are expected to be launched in the first quarter of this year.
Sinz said: “By growing our offering with new specialty lines, we’re firmly on course to be among the best specialised insurers in each of the European countries in which we’re active.
“France is our largest operation in this area and will continue to offer brokers and their clients the most comprehensive suite of specialty lines.”
Image: Liberty Specialty Markets head of global financial risks team Peter Sprent. Photo: Courtesy of Liberty Specialty Markets.