Euler Hermes and Cofarco bind first policy through Dialogue Exchange
London, 24 February, 2022: Independent complex risks platform Dialogue Exchange Global Limited (Dialogue) announces today that leading trade credit insurance underwriter, Euler Hermes, has bound its first policy on Dialogue’s electronic placing platform, arranged by specialist independent broker, Cofarco.
Euler Hermes is a global leader in trade credit insurance and a recognised specialist in the areas of surety, collections, structured trade credit and political risk. Cofarco offers independent financing arrangements and credit risk insurance brokerage services to specialty markets.
The policy is the first excess-of-loss structure to be placed on the Dialogue platform. Dialogue received accreditation as a recognised Lloyd’s e-placement platform in the fourth quarter of 2021 - a key milestone for the business as an independent credit and political risk insurance platform and further testament to its growing reputation in transforming this aspect of the specialty market.
Dialogue Founder and CEO Ben Heaney said:
“The credit and political risk insurance market is complex by its very nature, with non-standardised data and process inefficiencies in many areas. What we are doing at Dialogue is to simplify those processes, improve industry standards and connect brokers and insurers with an easy-to-use platform to ultimately attract more business to the insurance market.
The independence, security and functionality of our Lloyd’s-approved electronic placement proposition connects the global credit insurance industry via a digital platform to facilitate the negotiation and binding of complex risks - and is a natural fit for brokers working to enhance their client and underwriter relationships.
We are delighted to support Euler Hermes and Cofarco as we continue to expand as a multi-broker, multi-underwriter platform, and we look forward to bringing additional value, efficiencies and relevance to the credit and political risk market as we develop in the years ahead."
Thomas Laporte Many, Head of Operations and Innovation for Euler Hermes Transactional Cover, said:
“As a leading underwriter, we are keen to be at the forefront of the innovation in our single risk and political risk market, and to actively contribute to all initiatives that are relevant to our market, in particular to make the interactions between brokers and underwriters simpler and more efficient for the benefit of our clients.
The Dialogue platform is one of them, as it allows brokers and underwriters to transact digitally. We initially supported Dialogue by being one of the contributors to their single risk credit data standard in 2020, before joining the platform in 2021 after its launch, and using it since then to receive and respond to, and negotiate brokers’ submissions. We are pleased to have completed one further step through the binding of the first policy on the Dialogue platform.”
Lucy Drummond Brady, Vice President and Head of London at Cofarco said:
“Cofarco is pleased to have worked with Euler Hermes in the binding of its first policy on Lloyd's e-placement platform, Dialogue. Euler Hermes provided capacity via Dialogue which was used to increase the limit of an existing policy placed offline with other markets earlier in the year.
Dialogue’s policy placement feature is extremely easy to use, enabling a much faster upload of policy and information documents, speeding up the binding process (in this case just over 20 minutes from firm order to bound lines). Apart from its slick user interface, advanced API capabilities, and automation tools, we chose to commit to Dialogue because it is broker and underwriter agnostic - and can drive better data, analytics and business volumes for all transactors.”
Notes to Editors
Dialogue digitalises and codifies complex commercial insurance risks. Dialogue’s connected, interoperable cloud platform sits between brokers and underwriters in the complex commercial insurance risk space. Initial focus has been the Credit and Political Risk segment of the commercial insurance market.
Dialogue is a young, energetic team of technologists, finance and insurance professionals disrupting analogue insurance market practices in the complex risk space.
About Euler Hermes
Euler Hermes is the global leader in trade credit insurance and a recognized specialist in the areas of surety, collections, structured trade credit and political risk. Headquartered in Paris, Euler Hermes is present in more than 50 countries with 5,800 employees. In 2020, Euler Hermes global business transactions represented 824 billion Euro in exposure. Euler Hermes is a full member of Allianz Group.
Cofarco was founded in April 2009 in the wake of the financial crisis to address the increasing complexity of dealing with the banking and the insurance markets.Operating out of Paris, London and Geneva, Cofarco raises debt capital and arranges credit and political risk protection for corporate clients and financial institutions intermediating with a broad network of specialised lenders and insurance underwriters.
Cofarco operates as an accredited broker of Lloyd’s of London under firm pseudonym/number COF/1718.
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