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Lloyd’s has given the green light to AXIS Capital’s Energy Transition Syndicate 2050 to start underwriting from April 1.
The full nod follows last December’s preliminary approval to create a syndicate aimed at fostering the energy transition. Syndicate 2050 will focus on offering specialty insurance designed to mitigate the risks involved in the shift away from fossil fuels towards greener, low-carbon alternatives.
Elliot Lyes, who heads upstream energy at AXIS, will lead Syndicate 2050 as its active underwriter. Lyes, together with a diverse team of underwriters, will concentrate on delivering tailored insurance services that address the unique challenges of transitioning to sustainable energy sources.
Mark Gregory, head of global markets at AXIS, emphasized the significance of the new Lloyd’s syndicate for the insurance sector and the broader move towards environmental sustainability.
“Supporting the shift to net zero represents an enormous opportunity for the insurance industry to rise to the challenge by developing the specialty coverages that organizations need throughout their energy transition journeys, while maintaining energy resilience,” Gregory said in an emailed statement.
He further highlighted the pivotal role of Syndicate 2050 in AXIS’s commitment to the energy transition, noting: “Receiving permission to underwrite through Energy Transition Syndicate 2050 is a milestone for AXIS. From April, we’ll be providing a single access point to holistic cross-class insurance solutions for energy projects that have a critical role in supporting the transition to net zero.”
When the in-principle approval was secured in 2023, Gregory said: “We aim to lead the market in offering specialty insurance solutions that enable the investment, innovation, and technological developments necessary to develop cleaner, more resilient sources of energy. Our approach is firmly aligned to the commitment made by Lloyd’s to supporting an ‘urgent and orderly transition to net zero’.”
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