By Mia MacGregor, James Thaler

June 17 - (The Insurer) - Supply chain-focused insurtech Parsyl is launching a new admitted marine cargo insurance product with $55 million in capacity throughout the U.S., a company spokesperson confirmed.

Beginning July 1, 2025, the product will initially be available in 38 states, with plans to expand nationwide in the coming weeks, according to a company spokesperson.

“Our new admitted product represents a major advancement in how marine cargo insurance is delivered to the U.S. market. With capacity up to five times greater than typical competitors, we're removing barriers for retail brokers while providing the superior protection and service that Parsyl is known for,” said Ben Hubbard, Parsyl CEO.

In January, Parsyl raised $20 million in a Series C funding round led by The Lightsmith Group. The company said at the time that the funding would be used to accelerate its growth strategy, particularly focusing on underserved food, beverage and pharmaceutical products within the marine cargo space.

Existing investors that participated in the fundraise include HSCM Ventures, GLP Capital Partners, Lineage Ventures and FirstTracks Ventures. Guy Carpenter Capital and Advisory advised Parsyl on the transaction.

Based in Denver and London, Parsyl was founded in 2017 and launched in 2018 by co-founders Ben Hubbard, Mike Linton and Alex Haar, who serve as CEO, chief technology officer and chief product officer, respectively.

Parsyl has evolved out of its original core technology proposition and now blends new data sources and modern technology with traditional underwriting expertise to help clients build more resilient and adaptable supply chains.

It offers a full suite of A-rated cargo insurance solutions, including cargo and stock throughput, shippers’ interest, cargo legal liability and warehouse legal liability.

The insurtech has more than 20 different providers of third-party capacity across its operations including delegated underwriting, consortia, reinsurance and Funds at Lloyd’s capacity providers.

It operates in the U.S. and London insurance markets as an MGU and has its own managed syndicate at Lloyd’s, Syndicate 1796, which it utilizes to lead one of the largest marine cargo consortia in the London market, the Essential Consortium.

The consortium’s stamp capacity was doubled in 2024 to $55 million.