Parsyl’s Essential Consortium More Than Doubles Capacity to $55m

Specialized cargo consortium for perishables brings unprecedented capacity to underserved market

Denver, CO – January 9, 2024 – Parsyl, a data-powered insurer of essential supply chains, today announced that its Essential Consortium has more than doubled to $55M in capacity, making it one of the largest cargo only consortiums at Lloyd’s and the only one devoted exclusively to perishable commodities. The multi-year arrangement leverages Parsyl’s data powered insurance solutions and unique expertise in risks associated with food & beverage, life science and pharmaceuticals.

The consortium expansion comes on the heels of significant growth for Parsyl in 2023. The insurtech grew its written premium by 500% at an industry leading loss ratio. 

“We’re incredibly proud of the growth and performance we saw in 2023 and the Essential Consortium is a critical component to our ambitions for 2024 and beyond,” said Gavin Spencer, Chief Insurance Officer at Parsyl. “The consortium model not only enables us to provide innovative solutions via Parsyl’s data powered underwriting but also provides access to new capacity for brokers worldwide. 

The Essential Consortium, launched in April 2023, is led by Parsyl’s Syndicate 1796. Original syndicates supporting Essential included AFB 5623, RNR 1458, CHN 2015, TRV 5000, AUW 609, WBC 5886 and GRI 3456. While many existing syndicates increased participation, Essential welcomed new syndicate capacity from SII 1945, ASP 4711, FLX 1985, CBN 4747, BRT 2988, AXS 1686 and NSM 2358.

“Emerging from the prestigious Lloyd's Lab, Parsyl’s journey from conception to delivery has been nothing short of remarkable. In a short space of time, they have become the go-to insurance partner for clients involved in the pharmaceutical, life science and chilled, frozen and fresh food industry sectors. I look forward to our partnership and being a key part of Parsyl’s future growth journey,” said Steve Smyth, Head of Marine, SiriusPoint.

Parsyl works with clients of all sizes across life science, food & beverage and pharmaceutical industries with a bespoke, data-driven approach. Parsyl’s access to diversified supply chain data and its use of the latest cloud based tools, artificial intelligence and machine learning techniques, creates underwriting and cost advantages that allow clients to benefit from more comprehensive and affordable coverage, quick and efficient claims processing, and insights that support risk reduction. 

About Parsyl
Parsyl is an award-winning supply chain insurer that uses data and technology to better understand, price and mitigate risk. Parsyl offers its clients more tailored underwriting, a better claims experience and insights-based risk management that reduces waste and saves money. Parsyl leads the Essential Consortium at Lloyd’s of London, is a Lloyd’s Coverholder, and operates Syndicate 1796, the first mission-driven syndicate at Lloyd’s. Parsyl offers a full suite of A-rated cargo insurance solutions, including Cargo and Stock Throughput, Shipper’s Interest, Cargo Legal Liability, Warehouse Legal Liability, and Errors and Omission. Parsyl is based in Denver, CO and London, England and can be found at parsyl.com.