Ascot and Beazley announced the launch of a Lloyd’s-based cargo consortium, which uses insurtech solutions to help manage risk and claims performance.
Led by Ascot and Beazley, the consortium brings together a range of cargo carriers that will provide a maximum of $50 million capacity. It is aimed at the cargo business of small-and-medium-sized enterprises (SMEs), which has traditionally faced high associated expenses due to the nature of the subscription market.
This launch will allow brokers to provide their clients with quality underwriting and claims management in a cost-efficient way, further cementing the competitive position Lloyd’s holds in the global cargo market, said Ascot and Beazley in a statement.
Insureds will have the option of using electronic cargo monitoring devices developed by Denver-based insurtech firm Parsyl. The devices monitor cargo accumulation and collect data, which can assist in risk management and claims. The use of these devices will help both the consortium carriers and provide data feeds to insureds.
Denver, Colo.-based Parsyl is a graduate of the Lloyd’s Lab program, which is designed to help embed technology start-ups in an insurance environment.
“This consortium shows how syndicates can come together in a subscription market to provide coverage in a cost-efficient way for smaller premium business,” commented Andrew Brooks, group CEO of Ascot Group, the Bermuda-based specialist re/insurer. “Recent years have been difficult overall for the cargo market, but this initiative will be transformative for insureds, their brokers and Lloyd’s carriers.”
Tim Turner, group head of Marine at Beazley, said: “The London insurance market’s origins are in marine and over the years it has adapted to the changing needs of the sector. This new consortium shows how the London market can come together to combine underwriting expertise and cutting-edge technology for the benefit of our customers.”
“This is precisely what the Lloyd’s Lab has been set up to do,” said Trevor Maynard, head of Innovation, Lloyd’s. “I’m thrilled to see our syndicates utilizing the lab to generate new ideas and deliver the next generation of insurance products and services for the benefit of our customers.”
About Ascot Group and Beazley
Owned by Canada Pension Plan Investment Board (CPPIB), Ascot Group comprises Ascot Underwriting, the managing agent for Syndicate 1414 at Lloyd’s; Ascot Reinsurance Co., a Bermuda-based specialty reinsurer; Ascot Insurance U.S., an admitted and surplus lines business; and Ethos Specialty Insurance Services, a New York-based managing general underwriter (MGU).
London-based Beazley plc is the parent company of specialist insurance businesses with operations in Europe, the U.S., Canada, Latin America and Asia. Beazley manages six Lloyd’s syndicates.
Source: Ascot Group and Beazley plc