Legislation on Organized Crime Endorsed in U.S. Market by Loadsure
In a significant move, Loadsure, an international Insurtech MGA and Lloyd's coverholder, has expressed its support for the Combating Organized Retail Crime Act of 2025 (CORCA). This bipartisan legislation, introduced in both the Senate and House, is aimed at addressing the growing threat of organized retail and cargo theft.
Senators Chuck Grassley (R-Iowa) and Catherine Cortez Masto (D-Nevada) introduced CORCA, recognizing organized theft groups as a significant threat to retailers, supply chains, and the national economy. The bill emphasizes the need for enhanced federal intervention to tackle interstate and transnational crime.
Key provisions of the act include amendments to federal criminal statutes allowing criminal forfeiture for convictions related to interstate shipment and sale of stolen goods, expanding money laundering statutes to include gift cards, and enabling the prosecution of organized crime groups exploiting interstate or foreign commerce such as the internet. The act also aims to aggregate theft values over $5,000 within 12 months to strengthen prosecution efforts.
One of the most significant aspects of CORCA is the establishment of an Organized Retail and Supply Chain Crime Coordination Center within the Department of Homeland Security. This center will coordinate efforts among federal, state, and local law enforcement agencies and retail experts, enhancing intelligence sharing and joint investigations to more effectively combat organized retail crime.
Loadsure, a freight protection provider, believes that the surge in organized retail theft directly impacts freight and cargo security. By advocating for stronger federal measures and better coordinated law enforcement responses, Loadsure aligns with efforts to reduce cargo theft losses and improve supply chain resilience.
The legislation empowers the Department of Homeland Security (DHS) to enhance investigations and collaboration. CORCA aims to establish a coordinated federal response to the escalating crisis of organized retail crime and supply chain theft. It also addresses illicit trading practices that cost the U.S. economy tens of billions of dollars annually and challenge the transportation industry.
In a recent development, Loadsure entered into a retail broker agreement with Avalon Risk Management. This agreement allows Avalon Risk Management to deliver simplified, efficient, data-driven spot freight cargo insurance to the U.S. market. Loadsure urges its peers in the freight and insurance industry to support CORCA, as these pervasive theft issues have plagued the industry for too long.
Loadsure's Founder and CEO, Johnny McCord, stated that the Act is vital for the industry and will fortify the freight industry against critical threats. Notable supporters of CORCA include The Home Depot, Walmart, Target, UPS, the American Trucking Association (ATA), the Intermodal Association of North America (IANA), and the Transportation Intermediaries Association (TIA).
Loadsure, which has recently launched in Europe and closed a $11 million Series A funding round, led by MMC Ventures, with Crowley and Insurtech Gateway also participating, is well-positioned to support and benefit from the enhanced security measures proposed by CORCA. By leveraging high resolution data, AI, and automation, Loadsure provides accurately-priced freight insurance and insight products, making it a valuable ally in the fight against organized retail and cargo crime.
- The Act, with its focus on enhanced federal intervention and intelligence sharing amongst law enforcement agencies, aligns closely with the technology-driven approach of Insurtech companies like Loadsure in the lifestyle sector, especially in the realm of education-and-self-development and general-news, as they strive to combat organized retail and cargo theft.
- In the entertainment industry, the heightened security measures proposed by CORCA have the potential to reduce cargo theft losses, thereby bolster supply chain resilience, and decrease illicit trading practices that challenge various sectors, including insurtech and retail.
- As Loadsure, an insurtech MGA, expands its operations in Europe and strengthens its position in the market by partnering with Avalon Risk Management, its support for CORCA marks a significant event in the industry's efforts to address organized retail and cargo crime through the integration of technology and collaboration.
