Ed launches TradEd in Bermuda

Ed, the global reinsurance, wholesale and specialty broker, today announced the external launch of its TradEd portals for carriers and clients in Bermuda.

TradEd, the etrading platform that is used in-house by BGC insurance companies globally, is now available to clients and carriers on the island, enabling a seamless 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 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.

Jonathan Prinn, Managing Director, BGC Partners, commented: "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 2 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, commented: "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 pioneering 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."

 

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About Ed
Ed is owned by The Ardonagh Group, the largest independent insurance broker in the UK.

Ardonagh Specialty

Ardonagh Specialty is the holding company and growth platform for leading independent brokers Besso Insurance, Bishopsgate, Compass London Markets, Ed Broking, Inver Re, Piiq Risk Partners and Price Forbes. Combined, we have 1700 colleagues globally and manage $5 billion in gross written premium.

With a strong presence and deep relationships worldwide, and a steadfast commitment to investing in the best people, markets and technology, together our businesses offer open market programmes, reinsurance and international solutions designed to empower clients to achieve their strategic ambition.

The Ardonagh Group

The Ardonagh Group is the UK’s largest independent insurance distribution platform and a top 20 broker globally. We are collection of best-in-class entrepreneurial and specialist brands with a network of more than 100 locations and a combined workforce of more than 8,000 people. Across our portfolio, we offer a highly diversified range of insurance-related products and services across the full insurance value chain in the UK, Ireland and broader international markets. From complex multinational corporations to individuals purchasing personal insurance policies, our understanding of the communities we serve, together with our scale and breadth, allows us to work with our insurer partners to deliver a broad range of product and risk solutions that meet customer needs. For more information, visit our website: www.ardonagh.com.