Asta, a third-party managing agent at Lloyd’s, announced that the management of Parsyl syndicate-in-a-box (SIAB) 1796 transferred from Ascot Underwriting to Asta Managing Agency.
Parsyl is a Lloyd’s specialist in the insurance of perishable cargo and offers integrated risk management and insurance solution in the market.
In response to the Covid-19 pandemic, Parsyl spearheaded the Global Health Risk Facility at Lloyd’s, designed to provide insurance and risk management for the global distribution of Covid-19 vaccines and other health commodities.
Parsyl has since expanded the scope of Syndicate 1796, which now supports supply chain and logistics coverages for the wider perishables market.
Gavin Spencer, head of insurance at Parsyl, said: “We focus on data-driven underwriting of essential supply chains in food and health, and it is intended that Syndicate 1796 becomes the industry standard for perishable goods underwriting. Asta has the experience, services and independent platform to act as a catalyst on this stage of our journey; we see them very much as a long-term strategic partner.”
Andrew Brooks, Ascot’s Group CEO, added: “We were proud to step forward and manage Parsyl for the Global Health Risk Facility at Lloyd’s. Asta is now the ideal partner as Parsyl expands its business and we’re extremely pleased to be able to continue to support Parsyl as an investor and on underwriting opportunities.”
Asta now manages six Lloyd’s SIABs, as well as 10 full syndicates, four MGAs, and one SPA.
Julian Tighe, chief executive officer of Asta, said: “We are delighted to provide Parsyl with the platform, support and services they will need to develop their operation successfully in the Lloyd’s marketplace. This move comes at the right time for all the key stakeholders. Parsyl shows innovation and entrepreneurship in Lloyd’s at their best, alongside the market’s longstanding tradition of coming to help when the world is challenged.”