UK-based specialist insurer Beazley has received in-principal approval from Lloyd’s to set up an ESG-focused Syndicate 4321.
To be operational from 1 January 2022, Syndicate 4321 will focus on offering additional capacity to businesses that perform well against ESG metrics.
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The new unit, which has been formed under the Lloyd’s Syndicate In A Box (SIAB) framework, will be led by Will Roscoe, head of the market facilities division.
Notably, Syndicate 4321 is the first ESG-focused syndicate at Lloyd’s.
It will operate a consortium arrangement led by Syndicates 623/2623 and underwrite on a multi-line basis to ensure diversification.
Beazley CEO Adrian Cox said: “Beazley has a track record of creating innovative underwriting vehicles and Syndicate 4321 delivers this to clients that have already achieved ESG standards. We continue to support all our clients, at whatever stage they are at in their ESG journey, with meaningful risk management and insurance capacity.”
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By GlobalDataInitially, the ESG syndicate will accept D&O, healthcare, financial institutions, cyber, property, marine hull, marine cargo and aviation business.
Roscoe said: “Evidence demonstrates that businesses with high ESG ratings are likely to have a lower risk profile and we are looking forward to building long-term partnerships with clients that, like us, value doing the right thing.”
Recently, Beazley launched Cyber Defence for Superyachts to provide cover against physical damage, loss of access and threat and actual ransom of the vessel.
