McGill and Partners, a leading independent global specialty insurance and reinsurance broker, has joined forces with Tokio Marine Kiln (TMK) and Convex to unveil a pioneering trade disruption insurance (TDI) facility.
The solution, led by TMK, offers coverage limits of up to US$95 million and leverages cutting-edge AI technology provided by Altana to redefine the underwriting of trade disruption risks.
The facility is designed to provide comprehensive support for clients managing interruptions and fluctuations in trade between specified locations. By incorporating Altana’s AI-enabled platform, the offering enhances underwriting precision and efficiency. It streamlines the preparation and review process for TDI submissions, delivering faster and more accurate service for both clients and underwriters.
Altana’s technology also provides a dynamic, holistic view of global supply chain interconnections. This expanded visibility enables underwriters to offer broader coverage and higher limits across various sectors and geographies, meeting the needs of businesses navigating complex trade environments.
The launch marks a significant advancement in the insurance industry’s ability to address evolving risks in international trade, delivering enhanced protection and flexibility for businesses worldwide.
Nicky Payne, Partner of Capital Solutions and Treaty Reinsurance at McGill and Partners said, “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.
“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.
“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.”
Ed Parker, Head of Special Risks at TMK also commented, saying, “Tokio Marine Kiln has been at the forefront of innovation in this class since we launched the world’s first trade disruption cover over thirty years ago. Driving and supporting new solutions which can address the challenges which our clients are facing is core to our offering and central to TMK’s business philosophy.
He continued: “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. 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.”
Evan Smith, co-founder and CEO of Altana added, “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.”
