Specialist insurer, Beazley, has announced the next phase in the development of its ESG Consortium, with capacity moving fully to syndicate 5623 from January 2024, subject to regulatory approval.
Beazley established the ESG Consortium and syndicate-in-a-box 4321 in January 2022. The SIAB structure, it said, proved an effective test bed for the additional capacity model, which is now ready to move on to specialist follow only Syndicate 5623.
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.
Bob Quane, chief underwriting officer, Beazley commented, “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.”
Clients will continue to receive additional capacity based on the same scoring criteria.
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