Insurtech investing in growth of its London platform

Denver, CO – May 16, 2024 – Parsyl Inc., a data-powered insurer for essential supply chains, today announced that Simon Coles has joined the company as its Head of Capital. 

Coles, who brings more than 20 years of experience in the London reinsurance market, will build out a new capital pillar from the company’s London office and oversee all aspects of capital, financial management and syndicate performance for the fast-growing insurtech and its mission-focused Syndicate 1796.

Before joining Parsyl, Coles served as a reinsurance broker at McGill and Partners and before that at Aon and Willis. With a proven track record in the reinsurance sector, he brings expertise and technical breadth across capital planning, risk modeling and exposure management.

“Parsyl is entering a new stage of scale and maturity on the heels of significant growth. We’ve worked closely with Simon for several years as our reinsurance broker, and we’re thrilled to have him bring his immense technical expertise, market knowledge and problem-solving mindset to building out these critical capabilities within the company,” said Ben Hubbard, CEO of Parsyl.

Coles joins Parsyl during a period of rapid growth. The insurtech grew 5x in 2023 and recently doubled the size of its Essential Consortium at Lloyd’s 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. Parsyl also recently expanded its data network, allowing customers to seamlessly integrate data from market-leading supply chain monitoring and visibility providers to qualify for enhanced coverage and pricing.

“I hugely enjoyed working with Parsyl as a client. Their mission, their culture and their technology capabilities clearly excited everyone who worked there. The opportunity to join the team and to help them continue to grow is an opportunity not to be missed,” said Simon Coles.

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 customers 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.