First Trade Credit Risk Bound on Electronic Trading Platform Toredo

LONDON, England, July 26 -- Liberty Specialty Markets, a specialty and commercial insurance and reinsurance provider, which is a part of Liberty Mutual Insurance Group, issued the following news release:

Toredo, the web-based platform launched earlier this year for the transaction of specialised trade credit insurance, has underwritten its first risk.

According to the London Credit Consortium - a partnership of Liberty Specialty Markets, Canopius and The Channel Syndicate - Toredo was utilised for its first risk in June and now has a developing pipeline of transactions. The London Credit Consortium provides capacity to the platform.

Toredo is designed to bring transparency, efficiency and security to the underwriting of short term non-payment insurance.

Chris Hall, consortium underwriter at Liberty Specialty Markets 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.

"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. Toredo is a great example of technology that works and brings real efficiency to the market."

For more information regarding the Toredo platform or the London Credit Consortium please contact Chris Hall at [email protected]

*Please note that the London Credit Consortium (LCC) was originally launched as the London Market Credit Consortium (LMCC), but has since been renamed, effective 30 May 2018.