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Beazley receives in-principle approval for ESG syndicate in a box

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Beazley has received in-principle approval from Lloyd’s for its planned ESG syndicate in a box (SIAB), which will automatically provide additional capacity for clients who meet predetermined ESG standards.

The carrier will establish Syndicate 4321 from 1 January 2022, led by Will Roscoe, the head of the market facilities division.

It will underwrite as a consortium arrangement led by Syndicates 623 and 2623, with clients that meet an ESG rating score able to access the additional capacity.

The syndicate will write on a multi-line basis, initially accepting D&O, healthcare, financial institutions, London market US cyber, property, marine hull, marine cargo and aviation business.

The ESG standards that companies are required to meet will be determined by the carrier’s in-house sustainability team. The insurer said it had partnered with three ratings agencies to provide ESG data that it will incorporate: S&P, RepRisk and Sustainalytics.

All premiums received by the syndicate will be invested in line with Beazley’s responsible investment strategy.

Beazley initially announced the project at the beginning of June.

Beazley CEO Adrian Cox said: “Beazley has a track record of creating innovative underwriting vehicles, and Syndicate 4321 delivers this to clients that have already achieved ESG standards.

“We continue to support all our clients, at whatever stage they are at in their ESG journey, with meaningful risk management and insurance capacity.”

Roscoe added: “Evidence demonstrates that businesses with high ESG ratings are likely to have a lower risk profile, and we are looking forward to building long-term partnerships with clients that, like us, value doing the right thing.”

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