Reinsurance, wholesale and specialty broker Ed has externally launched its TradEd portals for carriers and clients in Bermuda.
TradEd is an e-trading platform that is used in-house by BGC insurance companies. It is now available to clients and carriers on the island, enabling “a seamless placement of risk for all parties”.
The company said the application is data first, and offers up to 700 structured data items via an API [application programme interface]. TradEd enables carriers to view large and complex risk submissions and associated risk details for all classes on re/insurance, make queries, see material information updates in real time, edit deal documents online while simultaneously updating the underlying data model, and quote, reject, offer, negotiate and bind electronically.
Jonathan Prinn, managing director, BGC Partners, said: “Prior attempts at electronic trading of complex risk have been focused on either attachments and comparison, or an expectation that the deal be underwritten offline but priced online. For the last two years TradEd has focused on data and workflow to enable both process and execution efficiency. The entire underwriting and broking process is digitally enabled and fundamentally changes the way we think about placing risk.”
Chris Bonard, CEO of Ed Bermuda, said: “From day one, bringing TradEd to Bermuda has been a fundamental part of our plan. We have been working very hard over the last few months to make this next step in TradEd’s development a reality and I’m incredibly proud that we are now live and believe it will provide real benefits to the industry here. The response to the TradEd capabilities has been very encouraging, with positive feedback from carriers and clients. This is our next big step in modernising our industry by harnessing appetite with risk digitally, and it’s incredibly exciting.”
Steve Hearn, BGC Insurance CEO, said: “We have always said that investment in technology is a vital part of BGCI’s strategic growth plans. The advanced application of technology is an important component in our offering, as we believe that improving efficiency in the re/insurance placement and purchase process offers benefits to all market participants.”
Steve Horton, president of Liberty Specialty Markets Bermuda, one of the carriers that is in the first wave of the go-live process, said: “We are excited to be participating on the TradEd platform and advance how we carry out business day to day here in Bermuda. By utilising the experience and expertise that BGC has developed in the financial markets, we have an opportunity to accelerate not only our trading relationships but the efficiency with which we transact.”