London – April 29 2024 – Loadsure, an international Insurtech MGA and Lloyd’s coverholder that leverages high resolution data, AI and automation to provide accurately-priced freight insurance and insight products, today announces its launch in Europe.

Effective immediately, Loadsure is approved to write business in Europe, with an initial focus on the Benelux region, Germany, France, Denmark, Norway, Finland and Sweden. In addition, Ben Brough has joined the firm as Director of Europe, responsible for European operations and Loadsure will continue to expand the European team throughout 2024 and beyond.

More than 60% of cargo in transit globally is under or uninsured, in part because traditional insurance processes can’t keep pace with the just-in-time supply chain. As a result, many freight brokers, shippers and carriers are operating with broad risk exposure, especially small-to-medium-sized businesses, which have historically been underserved by the insurance industry in Europe as elsewhere.

Loadsure’s expansion into Europe will build on its significant North American success so far, where it has partnered with leading insurance wholesalers and retailers to push the freight insurance market into a new era of “Holistic Freight Protection” with automated, data-powered solutions, which are supplemented by risk assessment, claims assistance, risk mitigation strategies, knowledge sharing, and collaborative partnerships.

Following a phased launch across Europe, all of Loadsure’s freight insurance products will be available to insurance intermediaries throughout the region, including ThamesTM (Dynamic On-Demand Cargo Insurance), HuronTM (Ocean Cargo and Stock Throughput Insurance) and DanubeTM (Dynamic Ocean Cargo Insurance).
Loadsure’s arrival will address a number of issues faced by European freight service and logistics providers. For example, using real-time data collection, Loadsure will provide risk insights on observed loss trends such as theft hotspots – a major issue given the average of nearly 20 cargo theft incidents per day recorded in December in 28 countries across Europe, the Middle East & Africa, and product losses of more than €17 million in 31 days.*

Loadsure CEO and co-founder Johnny McCord 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.”

Ben Brough, director of Europe, added: “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.”

Key products for Loadsure include:

· Thames: a service that replaces manual underwriting, with an automated process,
· Danube: a cargo product that allows for annualised ocean cargo cover,
· Huron: an industry first digital ocean cargo & stock throughput product.