Ascot and Beazley announced the launch of a Lloyd’s-based cargo consortium using insurtech technologies 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 that have traditionally faced high associated expenses due to the nature of the subscription market.
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 supports insurance technology start-ups.
“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.”
“This is precisely what the Lloyd’s Lab has been set up to do,” said Trevor Maynard, head of Innovation, Lloyd’s.
Owned by Canada Pension Plan Investment Board, 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.
London-based Beazley 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
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