|Liberty Specialty Markets has formed a consortium with The Channel Syndicate and Canopius to provide capacity for Toredo, an online platform for single situation trade credit insurance.|
The consortium, named London Market Credit Consortium (LMCC), will provide Toredo with up to $75 million of capacity per risk with a maximum two-year period.
It 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, 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 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.”
Kade Spears, Divisional Head of Specialty at The Channel Syndicate, said: “Our market needs an online, quote-to-bind platform for short-term trade finance.”
|Greenlight Re launches innovation unit|
|Greenlight Capital Re has launched a new innovation unit headed by Michael Belfatti, Greenlight Re’s Chief Operating Officer.|
The aim of the new unit, Greenlight Re Innovations, is to use technology, data and new risk transfer delivery mechanisms to improve the products and services available to Greenlight Re’s insurance company clients.
According to the release, the innovation unit will implement a more holistic risk management approach that incorporates preparedness, leading-edge technologies for prevention, and post-loss mitigation as well as risk finance.
Mr. Belfatti said: “New technologies are emerging almost on a daily basis that will transform the way companies do business and individuals live their lives.”
Simon Burton, Greenlight Re’s Chief Executive Officer, said: “Technology and innovation are at the heart of Greenlight Re’s strategy for future growth.
“We are nimble enough to quickly develop and bring to market risk products that are efficient and beneficial.”
|DARAG completes IKANO acquisition|
|DARAG has completed its acquisition of Swedish-based insurance company, IKANO Försäkring.|
The transaction provides the owner of IKANO with complete legal and economic finality in relation to all its insurance business.
Additionally, IKANO’s non-life business will be integrated into DARAG’s German carrier.
All remaining operations have been transferred to transaction partners who worked closely with DARAG, a German insurer and reinsurer specializing in acquiring legacy business, to provide IKANO with a tailored legacy solution.
The acquisition has also received approval from the Swedish Financial Supervisory Authority (SFSA).
Stuart Davies, Executive Chairman at DARAG, said: “This transaction is yet another demonstration of DARAG’s track record of providing bespoke legacy products, no matter the size or complexity of the business in question.”
|XL Catlin appoints Head of Energy EMEA|
|XL Catlin has announced the appointment of Nicola Harris as Head of Energy for Europe, the Middle East and Africa (EMEA).|
In her new role, Ms. Harris will be responsible for providing and designing insurance solutions for the Energy sector across EMEA.
Based in Dubai, she will also lead a team of underwriters based in Dubai, Paris, Amsterdam and Madrid.
Most recently, she served as Head of Energy and Marine at Allianz Global Corporate & Specialty, where she has been since 2014.
Huw Jones, Global Head of Energy at XL Catlin, said: “Energy has always been an integral part of XL Catlin’s business.
“In order for us to address both the traditional and emerging complex risks of our clients around the world, we need to continue attracting the best talent to join our global team.”
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