McGill and Partners, the London-based global specialty insurance and reinsurance broker, has launched a new trade disruption insurance facility in collaboration with Tokio Marine Kiln (TMK) and Convex, offering limits of $95 million, led by TMK.
This offering harnesses the power of AI-enabled technology provided by Altana, to support the understanding and underwriting of trade disruption risk. This will enable substantial coverage and limits for clients navigating interruptions and fluctuations of trade between specified locations.
Altana’s AI platform enhances the client and underwriter experience by improving service speed and accuracy, while streamlining the preparation and review of trade disruption insurance (TDI) submissions.
The increased visibility this gives underwriters, enables them to offer broader coverage and higher limits, across all sectors and geographies. It also provides clients and underwriters with a dynamic, comprehensive view of the world’s interconnected supply chains.
“Given the current geopolitical climate, the launch of our groundbreaking trade disruption facility is exceptionally timely, as incidents of this nature are on the rise,” commented Nicky Payne, partner of Capital Solutions and Treaty Reinsurance at McGill and Partners.
“From the start, McGill and Partners has been built on digital-first principles. We understand the importance of capitalising on this technology, which allows us to pioneer unique and innovative solutions for our clients. This product is a clear demonstration of those principles,” Payne added. “Working with TMK and Convex, both recognised leaders in the market for trade disruption risk, was an obvious choice. I am proud that, together, we have brought this facility to the market for our clients.”
“Supply chains, globally, have become increasingly complex and their fragility has been underscored by a series of geopolitical shocks in recent years. AI offers the potential for us to better understand our clients, to track the movement of goods and the aggregation of exposures in real time,” according to Ed Parker, head of Special Risks at TMK said.
“These new tools can enhance our offering, allow us to broaden our terms due to a greater insight into our clients’ businesses and enable us to further extend our support across supply chains. We are pleased to lead this new facility and look forward to working with our partners to continue to enhance the service we offer to the global trade sector,” Parker continued.
“Managing supply chain disruptions is a key priority for risk managers. This TDI (trade disruption insurance) facility represents an important step toward the delivery of AI-powered insurance solutions. We’re excited to join forces with McGill and Partners, TMK and Convex, to support businesses in managing through increasing global supply chain dislocations,” said Evan Smith, co-founder and CEO of New York-based Altana.
Source: Tokio Marine Kiln (TMK)
Photograph: Containers are moved at the Port of New York and New Jersey in Elizabeth, N.J., on June 30, 2021. (AP Photo/Seth Wenig, File)
Topics Tech New Markets
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