TradEd launches in Bermuda

Global reinsurance, wholesale and specialty broker, Ed has announced the launch of its TradEd portals for carriers and clients in Bermuda – taking the etrading platform that is used in-house by BGC insurance companies to clients and carriers on the island.

The application is offers up to 700 structured data items via an API, enabling 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 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, but that 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," he said.

Steve Hearn, BGC Insurance CEO, added: “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.”

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