Ed, the global reinsurance, wholesale and specialty broker, has 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 globally. The move makes it available to external clients and carriers on the island, simplifying the placement of risk for all parties.
The application is data first, and offers up to 700 structured data items via an application programming interface. It allows carriers to view large and complex risk submissions and associated risk details for all classes on re/insurance. Users can also 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 at 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, chief executive of Ed Bermuda, described the launch as a fundamental part of its plan. “This is our next big step in modernising our industry by harnessing appetite with risk digitally, and it’s incredibly exciting,” he said.
Steve Hearn, chief executive at BGC Insurance, said 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,” he said.
Steve Horton, president of Liberty Specialty Markets Bermuda, which has been among the first clients to go live with the platform, said: “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.”
Ed, TradEd, Chris Bonard, Jonathan Prinn, Steve Hearn, BGC Partners, Steve Horton, Liberty Specialty Markets Bermuda