Specialty (re)insurance broker McGill and Partners has launched a new trade disruption insurance facility in collaboration with Tokio Marine Kiln (TMK) and Convex, offering limits of US$95 million, led by TMK.
The firms say the offering uses AI-powered technology from logistic platform Altana to better understand and underwrite trade disruption risks, enabling substantial coverage and limits for clients dealing with trade interruptions and fluctuations between specific locations.
Nicky Payne, partner of capital solutions and treaty reinsurance at McGill and Partners, comments: “Given the current geopolitical climate, the launch of our trade disruption facility is exceptionally timely, as incidents of this nature are on the rise. 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.”
Ed Parker, head of special risks at TMK, adds: "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. 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.”
