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Lloyd’s of London and technology company Parsyl Inc. on Tuesday launched a global health risk facility backed by 14 reinsurers and insurers to cover the distribution of COVID-19 vaccines, after securing a $26.7 million loan from the U.S. International Development Finance Corp.
With the DFC loan, Parsyl’s Syndicate 1796 will begin trading Jan. 1 and is already quoting on coverage for COVID-19 vaccine shipments to developing countries, Ben Hubbard, CEO of Parsyl said in an interview with Business Insurance.
The public-private initiative is backed by insurers Ascot Underwriting Ltd., Axa XL, Beazley PLC, Chubb Ltd., Talbot Underwriting Ltd., QBE, Tokio Marine Kiln and Aegis, Lloyd’s and Parsyl said in a joint statement.
Reinsurers to Syndicate 1796 include Convex Group Ltd., Canopius Group Ltd., Hamilton Re Ltd. and Renaissance Re Holdings Ltd., they said.
McGill and Partners served as the broker on the reinsurance placements, the statement said.
The facility is based on a risk-sharing model whereby Syndicate 1796, with the DFC loan and reinsurance support, can provide up to a 50% line on a risk, with the existing Lloyd’s cargo market sharing the remaining 50%, Mr. Hubbard said.
The DFC loan will allow the facility to offer cost-effective insurance coverage for the storage and transit of life-saving medical supplies such as temperature-sensitive vaccines and medicines, diagnostics, personal protective equipment and ancillary cold chain equipment, Lloyd’s and Parsyl said.
Coverage via Syndicate 1796 is currently available to eligible low, lower-middle and upper-middle income countries only. Policy limits are up to $20 million per territory with options for higher limits available on an excess basis if required.
All products related to COVID-19 and any other existing infectious disease control and prevention programs are covered, Parsyl said.
Eligible policyholders include private manufacturers, ministries of health, public health agencies, procurement agents, logistics companies and local market insurers (via reinsurance).
A Risk Management Accelerator (RMA), separately funded by participating syndicates and donors and supported by the risk consulting services of Axa XL, will provide data and risk mitigation services to strengthen the vaccine supply chain, the statement said.
“By unleashing the power of data, we’re addressing a critical insurance gap when the world needs it most,” Mr. Hubbard said in the statement.
Lloyd’s CEO John Neal said in the statement: “As the world prepares to undergo the largest vaccination program in human history, ensuring the safe and effective distribution of the vaccine is critically important in tackling this global health emergency.”
(Reuters) — Only 28% of participants in the air cargo industry feel they are well prepared to distribute a COVID-19 vaccine once available, according to a survey released Wednesday, as the industry begins to gear up for a major logistical challenge.