Channel and Canopius join Liberty to back $27bn consortium

Liberty Specialty Markets (LSM) will form a $27 billion consortium with the Channel Syndicate and Canopius to provide capacity for its  new trade finance insurance initiative Toredo.

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

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.

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.

“At launch, the consortium will offer $27bn 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.”

Bernie de Haldevang, head of specialty at Canopius, added: “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.”

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.”

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