Argenta subsidiary Argenta Syndicate Management (ASML) has announced the launch of a new energy transition technology insurance unit.

The launch of the new unit is part of ASML’s strategy to support a net-zero carbon future.

In a press statement, Argenta said: “Emerging and prototypical technology risks are a key part of Argenta’s overall energy transition strategy and this new offering will support alternative fuel, carbon capture and renewable energy operations and technologies; all vital components in a net zero future.”  

Furthermore, Argenta has promoted Edward Davidson to the new role of energy transition technology underwriter.

Effective immediately, Davidson will lead Argenta’s new energy transition offering.

Davidson will be based in London and report to energy and marine divisional head Heath Callan.

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Callan said: “His appointment further underlines Argenta’s continued investment in, and commitment to, insurance as a solution to the world’s transition to a low-carbon economy and comes shortly after our decision to adopt Moody’s ESG Underwriting solution and leverage their ESG, climate and financial data, models and analytics to decode risk and unlock opportunities in our underwriting and investment portfolios.”

In the new role, Davidson will be supported by the broader energy team in London. This team will include Argenta energy head Sarah Warren.

Davidson joined Argenta in 2015 to begin his insurance career.

ASML underwriting director Ian Burford said: “By supporting our partners and clients with the solutions, guidance and services they need to adapt their business models, we will be playing an important role in the transition to a lower-carbon global economy.

“Ed’s appointment is a significant milestone in our commitment to realising our own ESG ambitions and will build upon the expertise we already have in our energy team.”