UK-based international insurance broker Howden has launched xTrade Cargo, which it described as “the first end-to-end digital trading platform dedicated to the oldest specialty class in the London market, which today has taken a significant step forward in binding its first risk in the open market”.
This initiative launched as a proof of concept in 2019 for Cargo SME business. It currently and now provides 20 major cargo carriers with access to large and complex Cargo risks in the sector.
Howden currently transacts GWP of $160m, which is about 10% of the total Cargo market in London. It hopes to grow this to $200m by the end of 2022. The xTrade Cargo platform is recognized by Lloyd’s for e-placement and will conform to the CDR data standard. It is expected to be rolled out across all specialty lines.
Paul Hillier, Managing Director of Howden’s xTrade platform, said: “As a Group, we have made significant investment into our digital capabilities to create data-driven solutions for our clients. We are working with a growing number of insurers to achieve this and xTrade Cargo is the next step in our strategy to roll out digital trading across all specialty classes. By delivering structured risk data to insurers in a format they want, our ambition is to become the broker of choice in the emerging digital marketplace.”