Parsyl, a technology-driven cargo insurance consortium, has significantly increased its capacity in the Essential Consortium to $55 mn. This increase more than doubles its previous capacity, positioning it as one of the largest Lloyd’s-backed cargo-only consortiums, particularly focusing on perishable commodities.
The company launched the $20 mn consortium in April 2023, which is led by Parsyl’s Syndicate 1796.
This expansion is a result of additional support from both new and existing Lloyd’s-based backers. This increase positions Parsyl as a notable player in the cargo insurance market, particularly for perishable goods, indicating its strengthened market presence and ability to offer higher cargo insurance capacity.
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.”
Parsyl is a cargo insurance technology company, specializing in providing innovative insurance solutions for goods in transit, particularly perishable items.
Their approach combines advanced data analytics and IoT technology to offer more precise and tailored insurance products. Parsyl’s significant role in the cargo insurance market is underscored by its growing capacity and collaboration with key industry players like Lloyd’s.
The company focuses on enhancing the efficiency and reliability of cargo insurance through technological integration, catering to the specific needs of businesses involved in the transportation of sensitive goods.
by Peter Sonner