Insurtech MGA Loadsure has just guaranteed itself an enhanced freight protection offering in the coming year with new capacity approval from Tokio Marine Kiln.
Leading specialist international insurer Tokio Marine Kiln has undertaken this partnership with Loadsure to forward one of its core principles and support digital invention within the market. Tokio Marine Kiln’s capacity backing will enable Loadsure to expand its platform capabilities and geographic outreach and will support the insurtech’s overall growth strategy.
“We are excited that such a prominent carrier … is partnering with us as a lead capacity provider – a clear endorsement of our strategy and innovative offering,” said Loadsure CEO Johnny McCord. “Tokio Marine Kiln’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 [its] support makes increasingly possible.”
Tokio Marine Kiln’s capacity backing comes at a time of significant growth for Loadsure, which closed an $11 million series A funding round earlier last year. It was founded in 2018 as the insurance industry’s first digital-native insurance MGA and Lloyd’s coverholder. It was established in direct response to the freight underinsurance crisis, providing an end to it with data-powered, AI-priced, and on-demand cargo cover.
Speaking on behalf of Tokio Marine Kiln, department head of marine & energy Richard Hooks said the company itself was the forerunner of providing practical insurance solutions to existing and emerging risks.
“We partner with a wide range of organizations, including insurtechs, academic institutions, and businesses, to harness the expertise and help clients transfer risks, fulfill ambitions, and navigate change,” Hooks said. “Loadsure’s dynamic and integrated platform is an example of an agile program that supplies cost-effective, flexible insurance. As the market evolves and modernizes, we are committed to supporting ventures like this.”