After the highly publicised collapse of Carillion, trade credit insurance has been thrust into the spotlight – and now Liberty Specialty Markets (LSM) is keen to offer brokers and underwriters a faster solution to access the product.
The firm, part of Liberty Mutual Insurance, has announced that it will launch a web-based platform known as Toredo designed for transacting specialised trade credit insurance for corporates, banks and commodity traders. It allows brokers, underwriters and clients to buy and sell capacity with greater speed with capacity coming from LSM itself as well as a soon-to-be announced consortium.
“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,” said Peter Sprent (pictured), head of LSM’s global financial risks team.
“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 move also comes after the arrival of Chris Hall from Lloyds Banking Group as senior underwriter for the GFR team. He will now help develop Toredo.
