Global reinsurer SCOR and multinational insurer AXA have joined forces to launch a new Lloyd’s of London consortium aimed at bridging a critical financing gap by de-risking investment opportunities related to ecological restoration projects.
By providing specialised insurance coverage, the consortium intends to unlock the capital necessary to rehabilitate ecosystems that have been degraded, damaged or destroyed.
The consortium will underwrite SCOR’s Restore Product, which provides cover for the phase of an ecological restoration project dedicated to establishing the conditions for recovery.
Jean-Paul Conoscente, CEO of SCOR P&C, commented: “Restore enhances the likelihood of successful completion for ecological restoration projects and provides greater project confidence.
“By partnering with AXA, we can scale our impact and help address one of the most pressing environmental challenges of our time. This collaboration reflects our shared commitment to healthy ecosystems and innovative solutions that aim to support the long-term welfare of society.”
This launch represents the next evolution of SCOR’s NatReCo (Nature Restoration and Conservation) initiative. Originally launched in May 2024, NatReCo was designed to develop insurance solutions that support nature-resilient restoration and rehabilitation.
The consortium will be led by SCOR’s Syndicate 2015 at Lloyd’s, managed by SCOR Managing Agency Ltd, and supported by AXA XL Syndicate 2003 at Lloyd’s.
Henry Mumme-Young, Chief Underwriting Officer at SCOR UK and Active Underwriter of SCOR Syndicate 2015, said: “The launch of this consortium led by the SCOR Syndicate reflects our commitment to act for society, by enabling insurance to play a meaningful role in addressing environmental challenges and supporting long-term ecological resilience.”
Etienne Champion, P&C Commercial Group Chief Underwriting Officer at AXA, stated: “This product is the logical continuation of AXA’s environmental commitments. With SCOR, we are taking a further step: offering a solution that concretely secures nature restoration projects and turns our commitments into tangible actions in support of natural capital.
“The preservation of biodiversity plays a major role for the economy: it is estimated that around 50% of the world’s economy relies directly or indirectly on healthy ecosystems, which makes their protection a strategic priority for all economic actors.”
By combining capacity and global reach, SCOR and AXA will be positioned to provide coverage for larger and more complex projects on a global scale, the firms highlighted.
