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.”