Lloyd’s has approved a new syndicate to offer insurance for the storage and transportation of COVID-19 vaccine to emerging economies when it becomes available.

Syndicate 1796 will be backed by development finance capital and has been developed in partnership with US insurance technology company Parsyl and Lloyd’s Lab alumni.

North American insurer Ascot Group is the managing agent of the syndicate, which also has backing from Axa XL and broker McGill & Partners.

Lloyd’s says the syndicate aims to start writing business from October 1.

“There is broad consensus that life can only return to normality after a vaccine is developed, distributed and administered around the world,” Lloyd’s CEO John Neal said.

“Lloyd’s has an important role to play in insuring the many risks associated with this global medical response.

“This unique partnership is a real demonstration of the value and ingenuity the Lloyd’s market can bring to help address a global health emergency, as we share risk to support the brave efforts of those racing to develop and distribute a COVID-19 vaccine.”