Unlike many insurtechs, Parsyl is an insurer, which means that we can write our own policies and represent some of the largest insurers in the world! As an insurer, we also are a Syndicate, Consortium, and a Lloyd’s Coverholder. What does that mean?
Syndicate 1796: Syndicate 1796 is Parsyl’s Syndicate in a Box (SIAB). A SIAB allows insurtechs like us to enter the Lloyd’s market as a full capacity provider, giving Parsyl the same insurance rating as global leaders like AXAXL, Munich Re, QBE, and more. Parsyl's Syndicate 1796 supports supply chain and logistics coverages for the perishables market.
FAST FACT: Our Syndicate was given the number ‘1796’ in honor of the year physician Edward Jenner carried out his first experiments in what would become the smallpox vaccine - the world’s first vaccine and the only disease the world has ever eradicated through vaccination.
Consortium: Parsyl is the leader of the world’s largest perishable consortium. A consortium is a group of insurance companies that form a partnership to provide insurance coverage for a specific risk or group of risks. Essential is supported by Lloyd's Syndicates Parsyl 1796, SCOR 2015, RenaissanceRe Syndicate 1458, and other leading smart trackers. Learn more about our consortium here.
Lloyd's Coverholder: Lloyd's of London is one of the world's oldest and most respected insurance markets. Coverholders must meet strict standards to become a part of Lloyd's and demonstrate a high level of expertise and underwriting knowledge. As a coverholder, we are appointed by Lloyd’s to underwrite on behalf of select Lloyd’s Syndicates, including AXA XL, Lancashire, QBE, Munich Re, IQUW, and Talbot.
We take a unique approach to underwriting, leveraging data and technology to create policies customized to the specific risks facing each client. We use sensors, historical data, and third-party data to gain a comprehensive understanding of the risk. Our underwriters use that information to create a tailored policy that provides the right level of protection.
