LONDON– May 8, 2020 – Loadsure today announced it has received Argo Group International Holdings, Ltd. coverholder status. The London-based managing general agent (MGA) has now cleared a path to deliver the simplest, most efficient way for transportation businesses to reduce spot freight insurance costs and preserve cash flow as COVID-19 creates uncertainty in the U.S. market.
Today, brokers, shippers, and carriers face greater pressure to remain profitable; they’re intensely monitoring cash flow burn rates and seeking opportunities to reduce expenses. This is particularly true in the case of perishable food. Leveraging its highly flexible platform, Loadsure is empowered to respond to changing environments and deliver added value to its clients far more swiftly than traditional insurance. In this case, by immediately removing perishable food exclusions and offering extended cover at a reduced premium. In doing so, Loadsure lends support to the COVID-19 relief effort and mitigates supply chain disruption—all while giving transportation businesses greater control over their cargo insurance costs through data-driven, dynamic, per-load pricing.
At this time of ever-increasing risk, Loadsure also rapidly puts businesses back on firm financial footing when they do encounter a loss. It’s not always possible to get an adjuster to the site of a claim, especially in this new COVID reality. Loadsure’s fully-digital, automated claims submission process and online discussion forum expedite claims—accelerating settlements from days or even weeks to just hours.
“We’re sensitive to the situation everyone’s in, and we’re here to alleviate some of that pain,” said Loadsure CEO and founder, Johnny McCord. “When your business is not operational, you’re often paying for risk that’s not exposed. That’s the beauty of Loadsure. You’re only paying for coverage when you need it. It’s a perfect product for the current climate.”
“Loadsure is unparalleled in today’s cargo insurance market,” said Jon Hamilton, Class Underwriter – London Market Cargo for Argo Group. “The innovation and uses of technology bring a fundamentally new business model to an area of the market that had been previously underserviced. Now, stakeholders can access an insurance product they can’t get anywhere else, or, if they could, they’d have to pay significantly more for it in this current environment. When our clients’ businesses are struggling, Argo wants to be there; it wants to keep them in business by providing the coverage they need. By helping transportation clients avoid unnecessary expense and insurance premiums, Loadsure helps us achieve that objective.”
Loadsure is an international Insurtech Managing General Agent (MGA), and its eyes are set on revitalizing the freight spot market with exciting new technology. With an innovative digital product, it takes the lead, fueling growth and driving diversification within the market. Loadsure’s fully digital end-to-end, cloud-based insurance solution leverages predictive analytics and cutting-edge tech stack to provide the spot freight community with a full-service insurtech solution, integrated with leading digital transportation management platforms. Visit loadsure.net.
ABOUT ARGO GROUP INTERNATIONAL HOLDINGS, LTD.
Argo Group International Holdings, Ltd. (NYSE: ARGO), is an underwriter of specialty insurance and reinsurance products in the property and casualty market. Argo Group offers a full line of products and services designed to meet the unique coverage and claims-handling needs of businesses in two primary segments: U.S. Operations and International Operations. Argo Group’s insurance subsidiaries are A.M. Best–rated “A-” (Excellent), and Argo Group’s U.S. insurance subsidiaries are Standard and Poor’s–rated “A-” (Strong). More information on Argo Group and its subsidiaries is available at argolimited.com.
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