Liberty Specialty Markets (LSM), part of Liberty Mutual Insurance, will soon launch Toredo, a web-based platform for transacting specialised trade credit insurance for banks, corporates and commodity traders.
The new LSM platform will allow underwriters, brokers and clients to buy and sell insurance capacity with greater speed, visibility and efficiency. Beyond operating the platform, LSM will provide capacity to Toredo. Other capacity will come from a soon-to-be announced consortium.
Peter Sprent, Head of LSM’s Global Financial Risks team, 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.”
In January, LSM announced that Chris Hall from Lloyds Banking Group was joining the business as Senior Underwriter in the GFR team to develop a new trade finance insurance initiative. That initiative can now be confirmed as Toredo.
Full details of Toredo’s product range and instructions for accessing the platform will be announced shortly.