Specialty re/insurance group Chaucer, has announced the promotion of Simon Tighe to Group Head of Environmental, Social, and Governance (ESG), in addition to his role as Group Head of Investments & Treasury within the firm.
Tighe has been described as a “driving force” in the evolution of Chaucer’s ESG strategy. Particularly, Chaucer CEO John Fowle added, in the design and development of the Group’s ESG Balanced Scorecard.
“I’m looking forward to continuing and building upon Chaucer’s ESG achievements to date. Being a genuine force for good is at the heart of our approach to ESG,” Tighe commented.
“I’m excited to lead the tangible impact we can make in the way that our clients and counterparties manage and mitigate their ESG risk.”
The ESG Balanced Scorecard, developed jointly with Moody’s, enables businesses to measure their ESG performance, across up to 158 distinct metrics, enabling them to evaluate business risks and opportunities.
The design marries Chaucer’s expertise in underwriting risk, with Moody’s data and ESG-modelling expertise, to help businesses identify and manage ESG risks and opportunities, helping them to become more sustainable.
The scorecard not only enables re/insurers to manage their own ESG profiles but also helps re/insurers better understand potential risks and areas for improvement related to the ESG of their customers.
Chaucer has also recently become the latest signatory of the United Nations Principles for Sustainable Insurance (PSI), which will serve to address ESG risks and opportunities for the re/insurance industry
Additionally, Chaucer has also invested in and is providing lead capacity for carbon credit insurance specialist Kita, whose Carbon Purchase Protection Cover insures buyers of forward-purchased carbon credits.
The aim of the product is to incentivise corporates to invest in carbon removal projects, by providing coverage should credits from forestry projects fail to materialise. Increased buyer trust in carbon delivery leads to greater flows of capital to help scale carbon sequestration projects at the rate necessary to fight the climate crisis.
Fowle added: “At Chaucer we are committed to adding meaningful value to all our counterparties as we strive to support transition and deliver on our sustainability goals including becoming net zero by 2050 and carbon neutral by 2030.”
