Parsyl has announced the launch of its new Essential Consortium at Lloyd’s of London, in a multi-year arrangement that will initially bring $20m in new capacity to the perishable cargo market.
The arrangement will leverage Parsyl’s data-driven insurance solutions and expertise in temperature-sensitive and ambient goods.
The firm states that additional capacity is anticipated in the coming weeks, which will make this the largest provider of capacity to the perishable market.
The Essential Consortium is led by Parsyl’s Syndicate 1796 and will access both traditional cargo capacity as well as ‘smart trackers’, which Parsyl says will open up new lead capacity for the underserved industries of Food & Beverage, Life Science and Pharmaceuticals.
Supporting the Essential Consortium are Lloyd’s Syndicates SCOR 2015, RenaissanceRe Syndicate 1458, and other leading smart trackers.
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.
Ben Hubbard, Chief Executive Officer, Parsyl, commented, “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.”
Dawn Miller, Commercial Director, Lloyd’s, said, “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.”
Patrick Tiernan, Chief of Markets, Lloyd’s, added, “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 a testament to the power of innovation and collaboration in the London market.”
