Artio launches early-stage carbon credit delivery insurance product
Backed by Tokio Marine HCC International, Markel and Apollo
Tokio Marine HCC International (TMHCCI), Markel and Apollo are providing insurance capacity for climate insurtech Artio’s early-stage carbon credit delivery insurance product. The new cover is available to businesses globally with immediate effect.
Artio said its data-driven insurance products enable investors to confidently back early-stage carbon removal projects by providing risk mitigation from day one. “This increased security aims to accelerate market growth and boost the supply of high-integrity carbon dioxide removal carbon credits, critical for helping corporations and governments meet their 2030 climate commitments,” said the firm.
Ibrahim Sarwar, Artio co-founder and COO, said: “Our capacity partners have shown they share our vision in helping scale the carbon markets and corporations reach net zero. To achieve this early-stage coverage is critical and we need fit-for-purpose datasets built with specialist knowledge to deliver insurance products that truly fit buyer needs.”
TMHCCI is leading the panel providing capacity for the insurtech. “Together, TMHCCI, Markel & Apollo are working with Artio to shape the future of climate and carbon credit insurance, building confidence in environmental markets and accelerating investment in high-integrity climate solutions,” said Artio.
Ben Kinder, chief underwriting officer – marine, energy and renewables at TMHCCI said: “At TMHCCI and across the Tokio Marine Group, we recognise the critical role of insurance in the climate transition. We’re proud to collaborate with innovative companies like Artio, whose unique science-based modelling sets a new standard for delivering better products to buyers.”
Bryan Dressler, director – head of warranty & indemnity at Markel, said: “We’re thrilled to be a founding capacity provider to Artio, as the carbon insurance space continues to expand and attract significant interest within the broader carbon market. Artio’s innovative product will be a key enabler in helping corporate buyers to achieve their net-zero targets. We’re eager to work closely with the Artio team to facilitate the opportunity in this growing market.”
Artio’s capacity discussions have been led by Gallagher Re’s Green Solutions team, bolstered by the company’s presence in the market through Lloyd’s Lab Cohort 13 and supported by DA Strategy.
