Beazley reveals first Lloyd's ESG syndicate

Syndicate to provide capacity to businesses performing well across ESG metrics

Beazley reveals first Lloyd's ESG syndicate


By Ryan Smith

Specialist insurer Beazley has announced that it has received in-principal approval to establish Lloyd’s first environmental, social and governance syndicate. Once fully approved, Syndicate 4321 will focus exclusively on providing capacity to businesses that perform well against ESG metrics. The syndicate will be led by Will Roscoe, head of the market facilities division.

Syndicate 4321 was established under the Lloyd’s “Syndicate In A Box” framework. It will operate a consortium arrangement led by Syndicates 623/2623. Eligible clients that meet the standards of the ESG rating scoring criteria will be able to access additional capacity from the new syndicate, Beazley said.

The syndicate will underwrite on a multi-line basis to ensure diversification and balance. In its initial phase, the syndicate will accept directors and officers, healthcare, financial institutions, London market US cyber, property, marine hull, marine cargo and aviation business.

“By creating the first specialist ESG syndicate at Lloyd’s, Beazley is taking an early step in delivering on our commitment to embed ESG across our organisation, including our underwriting,” said Adrian Cox, CEO of Beazley. “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.”

“Syndicate 4321 is an innovative and tangible way to support those businesses that invest in ESG by offering additional capacity,” Roscoe said. “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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