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Channel and Canopius join Liberty to form $27bn consortium

March 06, 2018

The Channel Syndicate and Canopius have joined Liberty Specialty Markets (LSM) in establishing a consortium to provide capacity for Toredo, an online platform for single situation trade credit insurance.

The London Market Credit Consortium (LMCC) will provide up to $75mn of capacity per risk with a maximum two-year period.

At launch, the consortium will offer $27bn of capacity covering 418 financial institutions in 72 countries.

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

LSM announced plans to launch Toredo last 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.

Chris Hall, who was hired by LSM 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.

Bernie de Haldevang, head of specialty at Canopius added that providing dedicated capacity to the Toredo e-trading platform would create greater efficiencies in the underwriting of short-term trade finance risks.

“It 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,” he said.

Meanwhile, Kade Spears, divisional head of specialty at The Channel Syndicate commented: “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.”