Parsyl, the supply chain insurer, has more than doubled its Essential Consortium to $55 million in capacity, ultimately making it one of the largest cargo only consortiums at Lloyd’s for perishable commodities.
The company launched the $20 million consortium in April 2023, which is led by Parsyl’s Syndicate 1796.
For the multi-year arrangement that leverages Parsyl’s data powered insurance solutions and expertise in risks associated with food & beverage, life science and pharmaceuticals, the company saw new syndicate capacity from SII 1945, ASP 4711, FLX 1985, CBN 4747, BRT 2988, AXS 1686 and NSM 2358.
The company noted that the consortium expansion comes on the heels of significant growth in 2023, which saw the organisation grow its written premium by 500% at an industry leading loss ratio.
Gavin Spencer, Chief Insurance Officer at Parsyl, commented: “We’re incredibly proud of the growth and performance we saw in 2023 and the Essential Consortium is a critical component to our ambitions for 2024 and beyond. The consortium model not only enables us to provide innovative solutions via Parsyl’s data powered underwriting but also provides access to new capacity for brokers worldwide.”
Steve Smyth, Head of Marine, SiriusPoint, said: “Emerging from the prestigious Lloyd’s Lab, Parsyl’s journey from conception to delivery has been nothing short of remarkable. In a short space of time, they have become the go-to insurance partner for clients involved in the pharmaceutical, life science and chilled, frozen and fresh food industry sectors. I look forward to our partnership and being a key part of Parsyl’s future growth journey.”
