Specialist insurer Beazley has announced the next phase of its ESG Consortium's development. Starting from January 2024, subject to regulatory approval, the consortium's capacity will fully transition to Syndicate 5623.
This move is expected to support the future growth of the ESG Consortium, leveraging the size, cost effectiveness, and expertise of Syndicate 5623 as a leading follow syndicate, Beazley said.
The ESG Consortium was initially established by Beazley in January 2022 under the “syndicate in a box” (SIAB) structure of 4321. The SIAB model served as a successful testing ground for the additional capacity concept, which is now ready to advance to specialist follow-only Syndicate 5623.
In addition, the ESG Consortium will explore opportunities to offer additional capacity to clients who demonstrate strong performance against environmental, social, and governance criteria through Beazley's European and US domestic insurance companies.
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“The ESG Consortium offers valuable additional capacity to businesses with high ESG scores,” said Bob Quane, chief underwriting officer at Beazley. “I’m looking forward to seeing the ESG Consortium continue to build and serve more clients in Europe and the US via Syndicate 5623.”
Beazley also recently announced the launch of a streamlined miscellaneous medical liability product.
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