Insurance Broker Howden Backs Launch of First ESG-Focused Insurer
[et_pb_section admin_label=”section”] [et_pb_row admin_label=”row”] [et_pb_column type=”4_4″][et_pb_text admin_label=”Text”]
International insurance broker Howden announced today the launch of Parhelion, a new sustainability-focused insurer, aimed at providing new and diversified ESG products that meet the risk financing needs of a greener economy.
According to Howden, Parhelion, the world’s first fully sustainable insurer, is being launched to meet the surge in institutional capital seeking sustainable investment strategies with the growing demand from corporates looking for an insurance provider to support their ESG transitions.
Parhelion will provide both traditional risk coverage and as well as new ESG-specific products for risks of the future, and will incorporate their own ESG metrics into the underwriting process.
Parhelion will be led by (re)insurance and climate risk finance experts, Julian Richardson and David V. Cabral, who will serve as co-CEOs, with reinsurance executive Chris Sharp joining as Chief Underwriting Officer in September. The company anticipates beginning underwriting from January 2022.
Richardson and Cabral said:
“Companies are transitioning to sustainable procurement and this should not be limited to physical good; it must also include financial services and products. Our vision is to support customers’ transition to a more sustainable and resilient future while creating a virtuous cycle of improved risk control and underwriting performance, irrespective of the market cycle. This vision will be supported by an ecosystem of services and shared data insights to support the overall customer ESG transition.”
Seeded by Howden, Parhelion is targeting a capital raise of $500 million, and is being advised by Howden Capital Markets and TigerRisk Capital Markets & Advisory.
Charlie Langdale, Head of Sustainable Insurance, Howden said:
[/et_pb_text][/et_pb_column] [/et_pb_row] [/et_pb_section]
“We’re delighted to offer a unique solution for our clients who are in need of a new and sustainable approach to the risks of the future. Parhelion will be an unencumbered highly rated ESG focused carrier backed by fresh capital that our clients can partner with and trust. Its launch is a step towards facilitating long-term industry change.”