THB places first risk with GHRF facility for COVID-19 vaccine
Specialist re/insurance broker THB has placed the first risk with the newly launched Global Health Risk Facility (GHRF), a public-private collaboration led by Ascot as the managing agent and anchored by the new Syndicate 1796 at Lloyd’s.
GHRF was developed by Parsyl, an insurtech that uses technology to collect and analyse data across the entire supply chain to ensure medicines and vaccines remain safe and effective from the laboratory to use in the field. It provides data-driven cargo insurance and risk mitigation services for the storage and transit of medical supplies, including temperature-sensitive COVID-19 vaccines.
THB secured insurance for the Partnership for Supply Chain Management (PFSCM), a supply chain solutions provider that procures and delivers over $300 million worth of medicines, diagnostics and medical supplies to low- and middle-income countries annually.
Toby Kayll, MD of THB Marine, said: “We’re very proud to place the first risk on the Global Health Risk Facility via Syndicate 1796. This is such a great example of the insurance market working collaboratively and making use of technology to address an issue with real-time human impact.”
Chris McGill, head of cargo at Ascot Group and active underwriter for Syndicate 1796, said: “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.”
Phil Mason, managing partner of Armfield, Harrison & Thomas (AHT), a US retail broker specialising in international aid and development organisations who participated in the deal, explained: “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.”
Victoria Zak, director of insurance at Parsyl, said the choice of GHRF as insurance provider “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.”
Erin Seidner, chief financial officer at PFSCM, highlighted the expected challenges of vaccine distribution in 2021, noting it is “reassuring to know that we now have this specialist insurance facility enabling us to continue our vital work with confidence.”
