Specialist re/insurance broker THB has placed the first risk with the newly launched Global Health Risk Facility (GHRF).
A public-private collaboration developed by insurtech Parsyl, GHRF is designed to help protect and support the global distribution of critical health commodities, including existing and newly-emerging vaccines.
THB was approached to put in place insurance for the Partnership for Supply Chain Management (PFSCM), a supply chain solutions provider.
THB brought PFSCM together with the GHRF.
The facility is anchored by the new Syndicate 1796 at Lloyd’s, led by Ascot as the managing agent and developed by Parsyl.
Phil Mason, Managing Partner of AHT, said, “Supply chain insurance and risk management is mission critical for PFSCM. I trusted the cargo team at THB to find the right solution.
“Parsyl’s blend of insurance and technology promises the efficiencies we are seeking. We’re excited to be part of the placement of the first policy in this new Syndicate.”
Chris McGill, Head of Cargo at Ascot Group and Active Underwriter for Syndicate 1796 added, “This new Syndicate is a game-changer for healthcare in the developing world where, without the right data, insuring these vital products simply doesn’t happen. It’s been immensely satisfying to combine the expertise of colleagues throughout insurance and technology to establish this important operation.”
Victoria Zak, Director of Insurance, Parsyl said: “We’re incredibly proud that PFSCM, a proven leader in supply chain innovation for international development, has chosen to obtain insurance coverage from the GHRF.
“It shows that the critical components of quality monitoring and data collection add incredible value to clients, insurers, and ultimately all recipients of vaccines around the world.”