The Essential Consortium, which is led at Lloyd’s by supply chain insurer Parsyl, has more than doubled its capacity to US$55 million (more than £43 million).
In a release, Parsyl said: “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.”
The specialised cargo consortium, which initially brought US$20 million in capacity to the perishable cargo market, leverages Parsyl’s expertise in temperature-sensitive and ambient goods as well as its data-driven insurance solutions. Essential caters to the food & beverage, life science, and pharmaceuticals industries.
According to Parsyl, which is a Lloyd’s Lab alumnus, Essential’s expansion follows Parsyl’s own significant growth in the past year.
Parsyl chief insurance officer Gavin Spencer, whose camp reported a 500% increase in written premium, commented: “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.
“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.”
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