AXIS Capital has secured in-principle approval from Lloyd’s to set up AXIS Energy Resilience Syndicate 2050. Planned for an April 2024 start, the new Lloyd’s syndicate is aimed at insuring organisations’ energy transition journeys.
“Dedicated to providing capacity for new energy projects that have a critical role in supporting the transition to net zero and building a more resilient, economically sustainable world,” Syndicate 2050 is looking to underwrite the construction and operation of technologies and projects that support energy transition.
The goal, AXIS noted, is to provide a single access point to specialist insurance solutions for cross-class risks over the lifecycle of projects and activities associated with replacing or displacing fossil fuels. The broad scope of the syndicate will include transit, storage, financing, and other activities that support and enable cleaner energy projects.
Professional indemnity and accident & health cover will also be offered, affording insurance protection to the projects’ personnel.
Mark Gregory, head of global markets at AXIS, said in a release: “The shift to net zero is among the biggest challenges of our age to be undertaken in the world of commerce. There is a considerable opportunity for AXIS and the market to step up and demonstrate that we can develop the coverages needed to support energy transition.
“Through AXIS Energy Resilience Syndicate 2050, 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’.”
To obtain final approval and permission to underwrite, AXIS is working towards meeting further financial and operational criteria.
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