Insurer targets $850 million of premium income.
At the start of June, London-based insurance broker Howden announced the launch of Parhelion, “the world’s first fully sustainable insurer”. Named after an atmospheric optical illusion, sometimes known as a “mock sun”, the business aims to raise $500 million in the coming months and start writing business in January 2022.
The new firm promises to align not only its investments but also its underwriting with high environmental, social and corporate governance (ESG) standards, and to support its clients with their ESG journeys. According to Howden, the firm will help meet the risk financing needs of a greener economy in an industry starved of truly sustainable capacity.
According to Parhelion founder Julian Richardson, it’s been a long time coming. He joined Intelligent Insurer’s online platform for discussion and debate, the Re/Insurance Lounge, to talk about the new venture and the need for sustainable insurance solutions.
Parheilon, Howden, Sustainable Insurer, Insurance, Reinsurance, Julian Richardson, London, UK