Munich Re marine veteran steers Loadsure into European markets
Insurtech MGA and Lloyd's coverholder Loadsure has launched operations in Europe and hired a Munich Re marine veteran to expand its regional presence throughout 2024 and beyond.
Loadsure will begin writing freight protection business in Europe, effective immediately, with an initial focus on the Benelux region, Germany, France, Denmark, Norway, Finland and Sweden.
Ben Brough has joined the firm as director of Europe and will be responsible for its European operations.
Brough is a marine insurance veteran, with more than 28 years’ experience across the UK, US, European, Asian and Middle Eastern marine and specialty (re)insurance markets. He joined Loadsure from Munich Re, where for close to three decades he established and grew the business’ global portfolio. Most recently, he served as Munich Re Syndicate European Underwriting Manager.
Loadsure leverages high resolution data, AI and automation to provide "accurately-priced" freight insurance and insight products to the market. Its expansion into Europe will build on its North American foray, where it partnered with insurance wholesalers and retailers in the freight insurance market.
Loadsure aims to address various issues faced by European freight service and logistics providers by using real-time data collection to provide risk insights on observed loss trends such as theft hotspots.
Following a phased launch across Europe, all of Loadsure’s freight insurance products will be available to insurance intermediaries throughout the region, including Thames (Dynamic On-Demand Cargo Insurance), Huron (Ocean Cargo and Stock Throughput Insurance) and Danube (Dynamic Ocean Cargo Insurance).
Johnny McCord, Loadsure chief executive officer and co-founder, said: “We’re looking for progressive, forward-thinking, tech-savvy insurance broker partnerships; we know that there is huge demand for technology-enabled freight insurance, making this the perfect time for Europe’s insurance market to upgrade to the new era of holistic freight protection. The freight industry is being transformed by digitalisation and we look forward to working closely with local distribution partners to deliver the leading edge, tech-powered solutions the freight community demands.”
Brough said: “The freight and logistics sectors in Europe play a vital role in facilitating trade and maintaining the smooth flow of goods. But they face a difficult supply chain environment exacerbated by the war in Ukraine, Covid19, Brexit, sustainability concerns and the need to adapt to technological transformation and integration, with transportation costs going up across the globe. Streamlining processes and investing in digital solutions is critical to deal with these issues. At Loadsure, we enable our clients to enhance their risk management practices, protect their financial interests, and navigate the challenges of the industry more effectively.”
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