Munich Re Specialty Group, a division of reinsurance giant Munich Re, has launched Green Solutions, a range of insurance products and services designed to support the net-zero ambitions of its customers.
The portfolio has been created to establish the group as a leading provider of commercial specialty and primary green insurance risks by 2030.
The portfolio includes existing green technology products and new risk solutions, and aims to become the preferred partner for sustainable risks in London and Lloyd’s market.
Leveraging the company’s global distribution network, Green Solutions can help the transition to a net-zero economy.
The offering will be focused on photovoltaic, wind, carbon capture and energy storage technologies, among others. The Green Solutions team will also offer customers access to intangible asset products, such as cyber coverage.
The portfolio’s development will be aligned with the Group’s existing Facultative & Corporate business unit and Group entities, such as Hartford Steam Boiler, which have experience in risk transfer solutions, engineering and product development.
The Green Solutions team will work to build partnerships with clients and strategic partners, leveraging data and insights to provide a trusted source of knowledge and inform best practices to accelerate the transition to net zero.
Mike Kerner, a member of the board of management of Munich Re, stated that Green Solutions specifically targets the “E” in ESG, and “seamlessly aligns with the wider Munich Re Group strategy, as well as underscoring our determination to fulfil our role in supporting the targets of the Paris Climate Agreement”.
“By applying a solution based framework to our (re)insurance business, we are able to focus on activities which have the potential to contribute to climate change mitigation. The Green Solutions portfolio aims to enable new sustainable technologies and ultimately support our Group ambition to help our clients succeed in a low-carbon economy,” Silke Jolowicz, Head of Sustainability for Munich Re Group, said.
Dominick Hoare, Group Chief Underwriting Officer for Munich Re Specialty Group, added that the company’s underwriting excellence, market presence and trusted brand made it well-positioned to be the partner of choice for the transition to net zero. The Green Solutions portfolio will initially focus on clients in London and Lloyd’s, with a dedicated underwriting executive and expanded team being appointed to support the initiative.
