Capacity for the Beazley ESG Consortium will move fully to syndicate 5623 from January 2024, subject to regulatory approval.

With its size, cost-effectiveness and expertise as a follow syndicate, 5623 is in a good position to deliver the future growth of the ESG Consortium.

In addition, the ESG Consortium will explore how added capacity for clients that perform well against ESG criteria can be offered via Beazley’s European and US domestic insurance companies.

Bob Quane, chief underwriting officer, Beazley commented: “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.”

Beazley founded the ESG Consortium and syndicate in a box (SIAB) 4321 in January 2022. The SIAB structure proved an effective test for the additional capacity model, which is now ready to progress to the specialist follow only Syndicate 5623.

A partnership between US-based climate risk solutions provider Arbol and  Beazley introduced a range of specialist parametric weather offerings across the country in May 2023.

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The products have been designed to address various dangers such as low and additional precipitation, reduced and surplus wind speed, as well as high and low temperature, and scarcity of solar irradiance.

Furthermore, the firm launched its streamlined Miscellaneous Medical Liability insurance product (“MiscMed”) to both US and London markets.