The business has been transferred from Ascot Underwriting’s authority
Lloyd’s third-party managing agent Asta has revealed it is now managing Parsyl syndicate-in-a-box (SIAB) 1796.
Parsyl is a Lloyd’s specialist which initially provided insurance for perishable cargo. Since expanding, however, it now supports supply chain and logistics coverages for the wider perishables market.
Asta chief executive Julian Tighe said that the “move comes at the right time for all the key stakeholders”.
He continued: “We are delighted to provide Parsyl with the platform, support and services they will need to develop their operation successfully in the Lloyd’s marketplace.
“Parsyl shows innovation and entrepreneurship in Lloyd’s at their best, alongside the market’s longstanding tradition of coming to help when the world is challenged.”
Ascot’s stance
The syndicate has been transferred from Ascot Underwriting and is Asta’s sixth Lloyd’s SIAB management deal.
Asta also manages 10 full syndicates, four MGAs and one special purpose arrangement (SPA).
Although Ascot has handed over the reins, the group will “continue to support Parsyl as an investor and on underwriting opportunities”, said top boss Andrew Brooks.
Gavin Spencer, head of insurance at Parsyl, added: “We focus on data-driven underwriting of essential supply chains in food and health and it is intended that Syndicate 1796 becomes the industry standard for perishable goods underwriting.
“Asta has the experience, services and independent platform to act as a catalyst on this stage of our journey – we see them very much as a long-term strategic partner.”
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