Parsyl, the Denver-based insurer of essential supply chains, announced the launch of its new Essential Consortium at Lloyd’s of London.
The multi-year arrangement initially will bring $20 million in new capacity to the perishable cargo market and will leverage Parsyl’s data-driven insurance solutions and expertise in temperature sensitive and ambient goods.
Additional capacity is expected in the coming weeks to make this the largest provider of capacity to the perishable market, the company said.
The Essential Consortium is led by Parsyl’s Syndicate 1796 and will access both traditional cargo capacity as well as “smart trackers,” opening up new lead capacity for the underserved industries of food & beverage, life science and pharmaceuticals.
The consortium will become supporting capacity for Parsyl’s flagship Global Health Risk Facility, which insures vaccines and pharmaceuticals to low-income and developing nations.
Supporting the Essential Consortium are Lloyd’s syndicates including Parsyl 1796, SCOR 2015 and RenaissanceRe Syndicate 1458.
A consortium is a group of Lloyd’s syndicates that join together to provide coverage through pooled capacity, with brokers and clients benefiting from economies of scale and increased efficiencies via streamlined administration.
“The Essential Consortium shows the power of the Lloyd’s platform and the strong market response to Parsyl’s data-powered underwriting and risk management for fresh and frozen commodities. The consortium makes our products and expertise easier to access for brokers around the world by making a record amount of new capacity available to this highly underserved part of the cargo market,” said Ben Hubbard, chief executive officer, Parsyl.
“The consortium model was designed to make it quicker and easier for syndicates to pool and deploy capital for the benefit of clients. We’re thrilled to see Parsyl launching this new initiative, to bring fresh capacity to the market and help address vital protection gaps to build societal resilience,” said Dawn Miller, Commercial Director, Lloyd’s.
“We have seen Parsyl’s growth at Lloyd’s, from the Lloyd’s Lab to pioneering a product for COVID-19 vaccines. So, to see them leading in the perishable cargo market is testament to the power of innovation and collaboration in the London market,” said Patrick Tiernan, chief of markets, Lloyd’s.
Insurtech Parsyl aims to redefine insurance for the $4 trillion of perishable food and pharmaceuticals shipped annually by using granular supply chain data to identify and manage risk and reduce waste of essential goods, the company said.
Parsyl insures goods in food, pharmaceuticals and life science industries as well as logistics participants within the perishable supply chain.
A Lloyd’s coverholder and owner of Syndicate 1796, Parsyl offers a full suite of “A”-rated cargo insurance solutions. Parsyl’s products include ColdCover™, a suite of connected cargo insurance products, including the industry’s first parametric temperature policy, and the Global Health Risk Facility, which is dedicated to insuring the complex distribution of vaccines and other health commodities around the world. Parsyl offers a full range of cargo and supply chain coverages, including cargo and stock throughput, shipper’s interest, cargo legal liability, warehouse legal liability, and errors and omissions. In addition to its Denver headquarters, the company also has an office in London.
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