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 BGC Partners Inc. (NASDAQ: BGCP), a leading global brokerage and financial technology company

Discussion of Forward-Looking Statements about BGC
Statements in this document regarding BGC that are not historical facts are "forward-looking statements" that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. These include statements about the effects of the COVID-19 pandemic on the Company’s business, results, financial position, liquidity and outlook, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. Except as required by law, BGC undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see BGC’s Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K.