Liberty unveils new e-trading credit platform
Liberty Specialty Markets (LSM), part of Liberty Mutual Insurance, is launching a platform for transacting specialised trade credit insurance for banks, corporates and commodity traders, according to a Feb. 12 press release.
The move comes shortly after LSM hired a Lloyds Bank executive Chris Hall to lead the development of its new trade finance insurance initiative, which Liberty named Toredo.
Toredo is a web-based platform that will allow underwriters, brokers and clients to buy and sell insurance capacity with greater speed, visibility and efficiency.
LSM will operate and provide capacity to Toredo, and said that other capacity is expected to 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.”
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