Specialist insurer Beazley has unveiled the next phase of its ESG consortium, with Beazley’s dedicated ESG capacity being provided solely by 5623 from 1st January 2024, subject to regulatory approval
Through the combination of its size, cost effectiveness and expertise as a leading follow syndicate, 5623 is “well placed” to deliver the future growth of the ESG Consortium.
Beazley established the ESG Consortium and syndicate in a box (SIAB) 4321 in January 2022, after receiving principal approval from Lloyd’s in October 2021.
The SIAB structure proved to be an effective test bed for the additional capacity model, which is now ready to move on to specialist follow only Syndicate 5623.
At the same time, the ESG Consortium will also explore how additional capacity for clients that perform well against ESG criteria, can be offered via Beazley’s European and US domestic insurance companies.
“The ESG Consortium offers valuable additional capacity to businesses with high ESG scores. I’m looking forward to seeing the ESG Consortium continue to build and serve more clients in Europe and the US via syndicate 5623,” said Bob Quane, Chief Underwriting Officer, Beazley.
In other news, Beazley recently teamed with Arbol, a global climate risk solutions platform, to launch specialist parametric weather products to the US market.
