Colorado-based supply chain insurer Parsyl has announced the launch of its new Essential Consortium at Lloyd’s. Parsyl said that the multi-year arrangement initially would bring $20m in new capacity to the perishable cargo market.
Parsyl said that “additional capacity is expected in the coming weeks to make this the largest provider of capacity to the perishable market”.
The Essential Consortium is led by Parsyl’s Syndicate 1796. It will access both traditional cargo capacity as well as ‘smart trackers’. Parsyl said that this would open 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 a number of Lloyd’s Syndicates. These include Parsyl 1796, SCOR 2015, RenaissanceRe Syndicate 1458, and “other leading smart trackers”.
Lloyd’s Commercial Director Dawn Miller said that “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”.
Lloyd’s Chief of Markets Patrick Tiernan said that “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”.