Independent global specialty re/insurance broker McGill and Partners has introduced a trade disruption insurance (TDI) facility in collaboration with Tokio Marine Kiln (TMK) and Convex.
The facility, led by TMK, offers limits of US$95 million and leverages AI-enabled technology provided by Altana to assess and underwrite trade disruption risks.
The AI platform developed by Altana is designed to enhance the speed and accuracy of underwriting and submission processes for TDI.
By providing a comprehensive view of global supply chains, McGill and Partners says that the platform enables underwriters to expand coverage, offer higher limits, and improve service for clients managing trade interruptions between specified locations.
Nicky Payne (pictured above), partner of capital solutions and treaty reinsurance at McGill and Partners, said the launch of this facility aligns with the increasing prevalence of trade disruptions in today’s geopolitical environment.
“From the start, McGill and Partners has been built on digital-first principles,” Payne said. “We understand the importance of capitalising on this technology, which allows us to pioneer unique and innovative solutions for our clients. This product is a clear demonstration of those principles.”
TMK’s head of special risks, Ed Parker, also said that the company’s involvement in trade disruption insurance spans more than three decades.
“Supply chains, globally, have become increasingly complex and their fragility has been underscored by a series of geopolitical shocks in recent years,” Parker said. “AI offers the potential for us to better understand our clients, to track the movement of goods and the aggregation of exposures in real time.”
These capabilities, Parker said, allow TMK to broaden terms and extend support across global supply chains while continuing to innovate within this sector.
Altana co-founder and CEO Evan Smith highlighted the increasing complexity of managing supply chain disruptions.
“This TDI (trade disruption insurance) facility represents an important step toward the delivery of AI-powered insurance solutions,” Smith said. “We’re excited to join forces with McGill and Partners, TMK and Convex, to support businesses in managing through increasing global supply chain dislocations.”
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