Provider of re/insurance solutions, AXIS Capital Holdings Limited, has announced the Energy Resilience Syndicate 2050 has now received full approval from Lloyd’s and will begin underwriting from April 1, 2024.
Created to provide capacity for new energy projects, Syndicate 2050 was launched last December and had received in-principle approval from Lloyd’s.
Syndicate 2050 was developed by AXIS in support of Lloyd’s recognition of the opportunity that protecting the long-term journey to net zero represents for underwriters and its goal to be the insurer of the transition.
Elliot Lyes, AXIS Head of Upstream Energy, will serve as Active Underwriter for Syndicate 2050 and work alongside a cross-class team of underwriters to provide specialty insurance solutions tailored to the risks associated with replacing or displacing fossil fuels through lower-carbon alternatives.
Mark Gregory, Head of Global Markets, AXIS, commented: “Supporting the shift to net zero represents an enormous opportunity for the insurance industry to rise to the challenge by developing the specialty coverages that organisations need throughout their energy transition journeys, while maintaining energy resilience.
“Receiving permission to underwrite through Energy Transition Syndicate 2050 is a milestone for AXIS. From April, we’ll be providing a single access point to holistic cross-class insurance solutions for energy projects that have a critical role in supporting the transition to net zero.”
Syndicate 2050 is broad in scope and will typically underwrite the construction and operation of technologies and projects that support energy transition, AXIS explained. It will also insure activities, such as transit, storage, and financing, that support and enable cleaner energy projects.
Additionally, through professional indemnity and accident & health coverages, the syndicate will also provide insurance protection for the personnel involved.
