Liberty Specialty Markets (LSM) has announced the launch of Toredo, a web-based platform for transacting specialised trade credit insurance for banks, corporates and commodity traders.
The new electronic 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 with other capacity coming from a soon-to-be announced consortium.
Head of LSM’s global financial risks team, Peter Sprent 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.”
Last month, LSM announced that Chris Hall from Lloyds Banking Group was joining the business as senior underwriter in the global financial risks team to develop a new trade finance insurance initiative which the company said can now be confirmed as Toredo.