Lloyd’s and Parsyl launch insurance initiative for distribution of COVID-19 vaccines

Parsyl is a supply chain data platform and cargo insurer for shippers of sensitive goods. Parsyl’s combined IoT and software solution helps shippers understand, mitigate and insure risks to goods as they move through the supply chain, both in transit and storage. Parsyl is an approved Coverholder with Lloyd’s of London.

Syndicate 1796 was developed by Parsyl and serves as the anchor of the Global Health Risk Facility, the world’s dedicated risk facility for Covid-19 related transit and storage risks. It is the first public-private syndicate created to address a global health emergency in the history of Lloyd’s. The Syndicate has been given the number ‘1796’ in honor of the year physician Edward Jenner carried out his first experiments in what would become the smallpox vaccine, the world’s first vaccine and the only disease the world has ever eradicated through vaccination.

U.S. International Development Finance Corporation (DFC) is America’s development bank. DFC partners with the private sector to finance solutions to the most critical challenges facing the developing world today. We invest across sectors including energy, healthcare, critical infrastructure, and technology. DFC also provides financing for small businesses and women entrepreneurs in order to create jobs in emerging markets. DFC investments adhere to high standards and respect the environment, human rights, and worker rights.

Lloyd’s is the world’s specialist insurance and reinsurance market.

With expertise earned over centuries, Lloyd’s is the foundation of the insurance industry and the future of it. Led by expert underwriters and brokers in more than 200 territories, the Lloyd’s market develops the essential, complex and critical insurance needed to underwrite human progress.

Backed by diverse global capital and excellent financial ratings, Lloyd’s works with a global network of over 4000 insurance professionals to grow the insured world – building resilience for businesses and local communities and strengthening economic growth around the world.

Ascot Group is a Bermuda domiciled specialty insurance and reinsurance business founded in 2001 with four operating divisions: Ascot Underwriting, the Managing Agency for Syndicate 1414 at Lloyd’s; Ascot Bermuda, which writes excess insurance and reinsurance as well as managing the Group’s alternative capital vehicles; Ascot U.S., a specialty insurance provider to middle market customers through retail and wholesale brokers in the United States, and; Ethos Specialty, a New York headquartered Managing General Underwriter (MGU) which provides underwriting and insurance services to third parties.

Ascot Group is owned by Canada Pension Plan Investment Board (CPPIB), the largest pension plan in Canada with over C$400 billion in invested assets and representing the retirement contributions of over 20 million Canadians. CPPIB is rated ‘AAA’ by S&P and Moody’s.

AXA XL is the P&C and specialty risk division of AXA Group, known for solving even the most complex risks. For mid-sized companies to the world’s largest multinationals, we offer traditional and innovative insurance solutions and services in over 200 countries and territories.

The AXA Group is a worldwide leader in insurance and asset management, with 160,000 employees serving 108 million clients in 57 countries. In 2019, IFRS revenues amounted to Euro 103.5 billion and underlying earnings to Euro 6.5 billion. AXA had Euro 974 billion in assets under management as of December 31, 2019.

McGill and Partners is a boutique specialist (re)insurance broker focused on clients with complex and/or challenging needs. Launched in 2019, the firm has significant backing from funds affiliated with Warburg Pincus, a leading global private equity firm. McGill and Partners is a British based firm headquartered in London with an international presence in New York and Miami.

EY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities.

EY refers to the global organisation and may refer to one or more of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organisation, please visit www.ey.com.

Lloyd's

Parsyl

Kaitlin Haar