Lloyd’s and insurtech start-up Parsyl Inc. announced the launch of the Global Health Risk Facility (GHRF), which will provide billions of dollars of insurance coverage, together with risk mitigation services, to help protect and support the global distribution of COVID-19 vaccines as well as critical health commodities.

A public-private collaboration, the GHRF has received support from 14 global insurers and reinsurers as well as the U.S International Development Finance Corp. (DFC). The DFC has approved a loan of up to $26.7 million for the facility, which will be used to capitalize the new public-private Syndicate 1796, and allow the GHRF to offer cost-effective insurance policies for shipments of vaccines and medical products to developing countries.