Munich Re backs freight InsurTech MiKargo247

An InsurTech newcomer, MiKargo247, is to be backed by Munich Re Syndicate, the Lloyd’s of London Marine & Specialty underwriter of reinsurance giant Munich Re.

According to a report by Reinsurance News, MiKargo247 is underwritten by Roanoke Insurance Group Inc with underwriting authority provided by Munich Re’s syndicate.

MiKargo247 aims to provide freight brokers, third-party logistics companies and motor carriers with insurance to protect cargo.

The company offers coverage up to $1m for land and rail loads in the US, Alaska and Canada. Quotes are delivered in 10 seconds, and a purchase completed in two minutes.

and the company offers insurance coverage up to $1m per load on land & rail loads in the US and Canada.

Michele McGinnis, co-founder and CEO of MiKargo247, said, “We developed MiKargo247 to fill a dangerous hole in the market.

“It’s estimated that over 60% of cargo on the road goes uninsured daily, racking up $15+ Billion worth of damages that cannot be recouped. With MiKargo, not only are shippers and freight brokers protected with an all-risk policy if something goes wrong, but the truckers can now haul previously uninsurable loads, ultimately making them more money and freight brokers can expand capacity to satisfy their customer needs as well.”

Earlier this year, InsurTech MGA Loadsure raised $11m in Series A funding led by MMC Ventures for its freight insurance technology.

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