Insurance broker Howden has launched an environmental, social and governance (ESG) focused sustainable insurance carrier, Parhelion.
Parhelion, which will start underwriting from 1 January 2022, is looking to raise a capital of $500m.
Seed funded by Howden, Parhelion intends to match the increasing demand for sustainable or ESG focused investment strategies.
Parhelion will cater to corporates that are looking to transition to a sustainable and greener future.
It will offer traditional risk coverage whilst developing new ESG-focused products to meet the requirements of both the corporates that are ahead on their ESG journey and those beginning the transition.
Key sectors to be covered by Parhelion are the renewable energy market and climate finance.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataThe venture is authorised and regulated by the UK’s financial watchdog, the Financial Conduct Authority (FCA).
Howden sustainable insurance head Charlie Langdale commented: “We’re delighted to offer a unique solution for our clients who are in need of a new and sustainable approach to the risks of the future.
“Parhelion will be an unencumbered highly rated ESG focused carrier backed by fresh capital that our clients can partner with and trust. Its launch is a step towards facilitating long-term industry change.”
Globally $40tn of assets were invested in ESG-focused and sustainable impact strategies at the end of 2020. However, only a fraction of this has been deployed across the re/insurance sector, said Howden.
Parhelion co-CEOs Richardson and Cabral added: “Companies are transitioning to sustainable procurement and this should not be limited to physical good; it must also include financial services and products.
“Our vision is to support customers’ transition to a more sustainable and resilient future while creating a virtuous cycle of improved risk control and underwriting performance, irrespective of the market cycle.”