’Clients will continue to receive additional capacity based on the same scoring criteria,’ says statement
Beazley has unveiled the next phase in the development of its environmental, social and governance (ESG) consortium, with capacity moving fully to syndicate 5623 from January 2024.
In a statement released yesterday (10 July 2023), the specialist insurer said syndicate 5623 was “well placed” to deliver the future growth of the ESG consortium.
“Syndicate 5623’s market leading low-cost base will further improve the efficiency and pace of development of the consortium,” the firm added.
“Clients will continue to receive additional capacity based on the same scoring criteria.”
‘Test bed’
Beazley established the ESG Consortium and syndicate in a box (SIAB) 4321 in January 2022.
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It said the SIAB structure “proved an effective test bed” for the additional capacity model, which is now ready to move on to syndicate 5623.
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.
Bob Quane, chief underwriting officer at Beazley, said: “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.”
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