Parsyl’s capacity increases

Parsyl, a provider of risk management and cargo insurance, announced that its Essential Consortium has more than doubled to $55 million in capacity, making it one of the largest cargo only consortiums at Lloyd’s and the only one devoted exclusively to perishable commodities.

Parsyl works with clients across life science, food & beverage and pharmaceutical industries. The startup’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.

Parsyl offers a 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 and London.

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. 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.” – Gavin Spencer, chief insurance officer at Parsyl.

“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.” – Steve Smyth, head of Marine, SiriusPoint.