The London Credit Consortium (LCC), which provides capacity to web-based specialised trade credit insurance platform Toredo, is well on track – announcing that the e-trading tool not only has underwritten its first risk but also has a developing pipeline of transactions.
Originally launched as the London Market Credit Consortium but renamed two months ago, LCC is a partnership of Liberty Specialty Markets (LSM), Canopius, and The Channel Syndicate. It was formed to afford up to $75 million of capacity per risk with a maximum two-year period.
“Undertaking our first transaction on the Toredo platform is the exciting culmination of a long development programme,” commented Chris Hall, consortium underwriter at LSM. “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.”
With the web-based platform, LCC’s goal is to bring transparency, efficiency, and security to the underwriting of short-term non-payment insurance.
“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.”