Ascot and Beazley have launched a cargo consortium at Lloyd’s of London aimed at providing a maximum of US$50 million in capacity.
Bringing together a range of cargo carriers, the A2B consortium will cater to SME cargo business and offers insureds the option of using electronic cargo monitoring devices developed by Lloyd’s Lab programme graduate Parsyl. The Denver-based insurtech firm’s tools are capable of monitoring cargo accumulation and collecting useful data for risk management and claims.
“This consortium shows how syndicates can come together in a subscription market to provide coverage in a cost-efficient way for smaller premium business,” noted Ascot group chief executive Andrew Brooks. “Recent years have been difficult overall for the cargo market but this initiative will be transformative for insureds, their brokers, and Lloyd’s carriers.”
Meanwhile Lloyd’s innovation head Trevor Maynard believes “this is precisely what the Lloyd’s Lab has been set up to do.”
Maynard commented: “I’m thrilled to see our syndicates utilising the Lab to generate new ideas and deliver the next generation of insurance products and services for the benefit of our customers. The fact that the Lab can attract such high-calibre tech talent and ideas from around the world just goes to show that Lloyd’s continues to lead the way on insurance innovation.”
Beazley group head of marine Tim Turner, for his part, pointed out the London insurance market’s marine roots and noted how it has adapted to the sector’s changing needs over the years. “This new consortium shows how the London market can come together to combine underwriting expertise and cutting-edge technology for the benefit of our customers,” he added.
