SCOR and AXA have partnered to set up a new consortium at Lloyd’s of London with the intention of supporting investments in ecological restoration.
The initiative seeks to unlock funding for ecological restoration projects by de-risking investments and closing insurance gaps for ecosystem recovery projects.
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The consortium will focus on underwriting SCOR’s Restore Product, which insures the phase of restoration where measures are implemented to enable ecosystem recovery.
This development builds on SCOR’s recent Nature Restoration and Conservation initiative, introduced in May 2024, which creates insurance solutions for nature-related restoration and rehabilitation activities.
The consortium will be headed by SCOR’s Syndicate 2015 at Lloyd’s, with additional support from AXA XL Syndicate 2003.
SCOR P&C CEO Jean-Paul Conoscente said: “By partnering with AXA, we can scale our impact and help address one of the most pressing environmental challenges of our time. This collaboration reflects our shared commitment to healthy ecosystems and innovative solutions that aim to support the long-term welfare of society.”
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By GlobalDataAXA P&C Commercial Group chief underwriting officer Etienne Champion said: “This product is the logical continuation of AXA’s environmental commitments. With SCOR, we are taking a further step: offering a solution that concretely secures nature restoration projects and turns our commitments into tangible actions in support of natural capital.”
Earlier this month, SCOR joined a group of reinsurers in backing a global insurance facility developed for AI and data centre infrastructure.
The programme, launched by Advanced Technology Assurance, provides a multi-line policy that brings together various conventional and specialist insurance types, specifically tailored for large-scale projects within the AI and data centre sectors.
