New $20m consortium launches at Lloyd’s with SCOR and RenRe backing
A new consortium at Lloyd’s, led by Parsyl Syndicate 1796 with reinsurer SCOR and RenRe, has launched to bring an initial $20 million in both traditional and ‘smart trackers’ capacity to the “underserved” perishable cargo market.
Parsyl, a data-powered insurer of essential supply chains, has unveiled its new Essential Consortium at Lloyd’s of London. The multi-year arrangement will initially 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 it the largest provider of capacity to the perishable market, the company noted.
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, RenaissanceRe Syndicate 1458, and other leading smart trackers.
“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,” said Ben Hubbard, chief executive officer, Parsyl. “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 at 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 at 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 testament to the power of innovation and collaboration in the London market.”
Parsyl has recently hired Indira Riguero as head of claims to expand its insurance team. Riguero formerly led cargo and logistics claims at Marsh. She will be based in the US and will lead strategic claims operations for Parsyl globally.
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