Reinsurance News

MGA Loadsure enhances freight offering with TMK capacity backing

4th January 2023 - Author: Kane Wells

Insurtech MGA Loadsure has announced that it has received capacity backing from Tokio Marine Kiln (TMK) to enhance its data-driven freight protection offering.

cargoAccording to TMK, the collaboration is part of a broader approach as they look to drive digital innovation and modernisation within the market. The partnership intends to develop a framework that will enable Loadsure to further expand its platform capabilities, supported commodities and geographic outreach, as well as promote the development of its overall growth strategy.

Johnny McCord, CEO of Loadsure, commented, “We are excited that such a renowned carrier as TMK is partnering with us as a lead capacity provider; a clear endorsement of our strategy and innovative offering.

“TMK’s progressive underwriting approach and outlook on the future of our market dovetail neatly with our own. We look forward to working together on the opportunities TMK’s support makes increasingly possible.”

Richard Hooks, Departmental Head of Marine & Energy at TMK, added, “TMK is at the forefront of providing practical insurance products that address existing and emerging risks. We partner with a wide range of organisations, including insurtechs, academic institutions and businesses, to harness expertise and help clients transfer risks, fulfil ambitions and navigate change.

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“Loadsure’s dynamic and integrated platform is an example of an agile programme that supplies cost-effective, flexible insurance. As the market evolves and modernises, we are committed to supporting ventures like this.”

Loadsure was founded in 2018 and is the industry’s first digital-native insurtech MGA and Lloyd’s coverholder.

TMK’s backing comes at a time of significant growth for Loadsure, having secured $11 million in a Series A funding round, led by MMC Ventures alongside Crowley, a global maritime, energy, and logistics company and existing investor Insurtech Gateway, in March last year.

Later in June, the firm launched Cargo Plus, its new smart annual cargo product.

Loadsure plans to continue directly addressing the freight underinsurance crisis with data powered, AI-priced, on demand cargo cover.

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