Ed Broking, the London-based reinsurance, wholesale and specialty broker, announced the external launch of its TradEd portals for carriers and clients in Bermuda.
TradEd, the e-trading platform that is used in-house by BGC insurance companies* globally, is now available to clients and carriers on the island, enabling placement of risk for all parties.
The application is data first, and – unusually for this type of system – offers up to 700 structured data items via an application program interface (API).
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.
“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,” commented Jonathan Prinn, managing director, BGC Partners.
“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…,” said Chris Bonard, CEO of Ed Bermuda.
“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,” according to Steve Hearn, CEO of BGC Insurance.
* BGC Insurance Group provides global wholesale specialty insurance and reinsurance broking solutions, operating a group of specialist brands: Besso, Cooper Gay France, Ed, Junge and PiiQ. The group’s underwriting operations – Epsilon, Globe Underwriting and Cooper Gay France – provide specialist insurance products and services in the U.K., France and Australia. BGC Insurance Group is the insurance division of BGC Partners, a New York and London-based global financial brokerage and technology company.
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