LONDON – January 04, 2023 – Insurtech MGA Loadsure today announced that it has received capacity backing from leading specialist international insurer Tokio Marine Kiln (“TMK”) to further enhance its data driven freight protection offering.
This collaboration is part of a broader approach undertaken by TMK as they look to drive digital innovation and modernisation within the market. Core to TMK’s principles, this partnership aims to develop a framework that will enable Loadsure to further expand its platform capabilities, supported commodities and geographic outreach, as well as promote the development of its overall growth strategy.
Loadsure was founded in 2018 and is the industry’s first digital-native insurtech MGA and Lloyd’s coverholder. It directly addresses the freight underinsurance crisis with data powered, AI-priced, on demand cargo cover. This new backing comes at a time of significant growth for Loadsure after having closed a $11 million Series A funding round in early 2022.
Johnny McCord, CEO, Loadsure commented: “We are excited that such a renowned carrier as TMK is partnering with us as a lead capacity provider; a clear endorsement of our strategy and innovative offering. TMK’s progressive underwriting approach and outlook on the future of our market dovetail neatly with our own. We look forward to working together on the opportunities TMK’s support makes increasingly possible.”
Richard Hooks, Departmental Head of Marine & Energy at TMK added: “TMK is at the forefront of providing practical insurance products that address existing and emerging risks. We partner with a wide range of organisations, including insurtechs, academic institutions and businesses, to harness expertise and help clients transfer risks, fulfil ambitions and navigate change.
“Loadsure’s dynamic and integrated platform is an example of an agile programme that supplies cost-effective, flexible insurance. As the market evolves and modernises, we are committed to supporting ventures like this.”