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Channel, Canopius and Liberty to back £19.5 billion consortium for e-trading platform | Insurance Business

A brand-new consortium is forming to provide capacity for Toredo, an online platform for single situation trade credit insurance.

The Channel Syndicate, Canopius and Liberty Specialty Markets have joined together to form the London Market Credit Consortium (LMCC). Together they will provide up to $75 million (about £54 million) of capacity per risk with a maximum two-year period.

Chris Hall, pictured, who was hired by Liberty Specialty Markets in January as consortium underwriter, said: “By forming this consortium we’re able to bring together like-minded underwriters who can provide significant capacity to the underwriting of short-term trade finance business. At launch, the consortium will offer $27 billion (£19.5 billion) of capacity covering 418 financial institutions in 72 countries. This capacity will grow as we engage with our brokers and clients to determine their needs.”

The capacity provided by the consortium will initially support short-term trade finance business and can be accessed by any Lloyd’s accredited broker signed up to the Toredo platform.

“This is a very exciting development for the structured credit insurance market. Providing dedicated capacity to the Toredo e-trading platform will create greater efficiencies in the underwriting of short-term trade finance risks, which will give brokers and their clients better access to a significant amount of capacity that has been rather dormant in this interesting part of the class to date,” commented Bernie de Haldevang, head of specialty at Canopius.

Kade Spears, divisional head of specialty at The Channel Syndicate added: “Our market needs an online, quote-to-bind platform for short-term trade finance. This will allow clients and brokers to transact in a more efficient and secure manner. Toredo provides that solution.”

Liberty announced plans to launch Toredo earlier this month. The launch date for both Toredo and the LMCC will be confirmed shortly alongside full details of its product range and instructions for accessing the platform.

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