Beazley shifts ESG Consortium into full syndicate

Lloyd’s-based insurer Beazley has announced the next phase in the development of its ESG Consortium, which provides additional capacity to customers that meet its ESG criteria.

The consortium and syndicate in a box (SIAB) 4321 was originally launched in January 2022. Beazley said the SIAB structure proved an effective “test bed” for the additional capacity model, which is now ready to move on to specialist follow-only Syndicate 5623.

“With its size, cost effectiveness and expertise as a leading follow syndicate, 5623 is well placed to deliver the future growth of the ESG Consortium,” said Beazley.

The insurer said that the ESG Consortium will also explore how additional capacity for clients that perform well against ESG criteria can be offered via Beazley’s European and US domestic insurance companies.

When it originally launched the consortium, Beazley said that companies with higher quality ESG records tend to have better risk profiles and therefore justify enhanced capacity.

Bob Quane, chief underwriting officer at Beazley, commented on the latest development: “The ESG Consortium offers valuable additional capacity to businesses with high ESG scores. I’m looking forward to seeing the ESG Consortium continue to build and serve more clients in Europe and the US via syndicate 5623.”