Bermuda-domiciled specialty re/insurer Ascot has partnered with Tierra Underwriting Limited (Tierra) to provide credit insurance in support of green project finance transactions.
Ascot will provide up to $15m in underwriting capacity, which will be used to support transactions that have carbon abatement at their core, or otherwise provide environmental benefits to society.
Tierra will operate as an MGA and will work with leading green capital providers to offer a risk transfer mechanism to help promote the growth of financing in this essential sector.
The insurance mechanism will be used to support the financing of a range of infrastructure, including renewable energy projects, such as wind and solar, storage projects and other energy efficiency investments.
Andrew Brooks, Group Chief Executive Officer, Ascot said: “We’re particularly pleased to announce this partnership with Tierra to provide underwriting capacity. We have a long established credit insurance practice, and I’m delighted that by partnering with Tierra we can expand our presence in the market. We can also help further environmental objectives by ensuring that lenders have sufficient credit insurance to support their needs in the green finance space.”
Andrew Beechey, Managing Director, Tierra added: “Tierra is proud of the excellent credit insurance solutions we can offer to leading investors and lending partners. The capacity provided by Ascot will allow our clients to have broader credit protection for their investments with the backing of a leading Lloyd’s syndicate. We look forward to expanding our offering and helping our clients to drive forward with a greater number of environmentally focused projects.”