LONDON–(BUSINESS WIRE)–#broking–THB, the specialist insurance and reinsurance broker, today reveals it has placed the first risk with the newly launched Global Health Risk Facility (GHRF), a public-private collaboration developed by insurtech Parsyl to help protect and support the global distribution of critical health commodities including existing and newly-emerging vaccines.
Working closely with Phil Mason, Managing Partner of Armfield, Harrison & Thomas, LLC (AHT), a US retail broker specialising in international aid and development organisations, THB was engaged to put in place insurance for the Partnership for Supply Chain Management (PFSCM) a supply chain solutions provider internationally recognised for its role in saving lives through stronger public health supply chains. PFSCM procures and delivers over $300 million worth of medicines, diagnostics, and medical supplies to more than 80 low- and middle-income countries every year.
THB brought PFSCM together with the GHRF – an alliance of insurance and technology partners providing comprehensive and data-driven cargo insurance and risk mitigation services for the storage and transit of life-saving medical supplies – including temperature-sensitive Covid-19 vaccines. The facility is anchored by the new Syndicate 1796 at Lloyd’s, led by Ascot as the managing agent and developed by Parsyl, which uses technology to affordably collect and analyse data across the entire supply chain to ensure medicines and vaccines remain safe and effective from the laboratory to use in the field.
Phil Mason, Managing Partner of AHT explained: “Supply chain insurance and risk management is mission critical for PFSCM. I trusted the cargo team at THB to find the right solution. Parsyl’s blend of insurance and technology promises the efficiencies we are seeking. We’re excited to be part of the placement of the first policy in this new Syndicate.”
Chris McGill, Head of Cargo at Ascot Group and Active Underwriter for Syndicate 1796 added: “This new Syndicate is a game-changer for healthcare in the developing world where, without the right data, insuring these vital products simply doesn’t happen. It’s been immensely satisfying to combine the expertise of colleagues throughout insurance and technology to establish this important operation.”
Victoria Zak, Director of Insurance, Parsyl said: “We’re incredibly proud that PFSCM, a proven leader in supply chain innovation for international development, has chosen to obtain insurance coverage from the GHRF. It shows that the critical components of quality monitoring and data collection add incredible value to clients, insurers, and ultimately all recipients of vaccines around the world.
Erin Seidner, CFO of PFSCM agreed: “We all know that 2021 will bring the additional challenge of distributing a new vaccine, adding to the pressures on supply chains, particularly cargo options for cold chain and frozen shipments. It’s reassuring to know that we now have this specialist insurance facility enabling us to continue our vital work with confidence.”
Toby Kayll, MD of THB Marine, said: “We’re very proud to place the first risk on the Global Health Risk Facility via Syndicate 1796. This is such a great example of the insurance market working collaboratively and making use of technology to address an issue with real-time human impact.”
Notes to editors:
THB Group is a specialist (re)insurance and risk management group, having at its core a Lloyd’s broking business (Thompson Heath & Bond Limited), providing services to clients worldwide. THB was named Broker of the Year at the Insurance Insider Honours Awards 2019.
THB is part of Amwins Group, Inc., a global specialty insurance distributor with some 5,400 employees across more than 100 office locations worldwide. AmWINS handles some $17billion in premium and is ranked the largest wholesale insurance broker in the U.S. by Business Insurance magazine. For further information on THB, please visit www.thbgroup.com.
Amwins offers expertise across a diversified mix of property and casualty (P&C) and group benefits insurance products, and also provides value-added services to support these products, including product development, underwriting, premium and claims administration and actuarial services. For further information on Amwins, please visit www.amwins.com.
PFSCM (Partnership for Supply Chain Management) specialises in prevention, diagnostic and treatment products for COVID-19, HIV/AIDS, malaria, tuberculosis, reproductive health, family planning, and maternal and child health. Since its inception in 2005, PFSCM has delivered $6.8 billion in health products in over 45,000 shipments to over 100 countries. For further information on PFSCM, please visit www.pfscm.org.
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. For further information on Ascot, please visit www.ascotgroup.com/lloyds.
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 honour 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. The GHRF is open to all brokers with eligible business. For more policy details visit www.parsyl.com/ghrf/.
AHT, a Baldwin Risk Partner, is an insurance brokerage and consulting firm offering property and casualty, employee benefits, retirement, personal and international services for a wide range of industries – boasting national recognition for its practices in areas including technology, manufacturing, government contracting and non-profits. AHT has been honoured with more than 60 industry awards, including being ranked one of the “100 Largest Brokers of U.S. Business”, named one of the “Best Places to Work in Insurance” by Business Insurance, named to the “Top 25 Insurance Brokers and Agents” list by Washington Business Journal and a Washington Post “Top Workplace” for consecutive years. For further information on AHT, please visit www.ahtins.com.
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