Hiscox ESG Lloyd’s syndicate underwrites first risks with Aon deal
London-listed specialist global insurer Hiscox has underwritten the first risks in its recently launched Lloyd’s sub-syndicate, ESG 3033. In a deal brokered by Aon, Hiscox ESG 3033 will provide cover for a new wind farm in Spain and a solar farm risk in the US.
ESG 3033 – which launched in March 2023 – is nested within Hiscox Syndicate 33, leaning on existing stamp capacity and complementing Hiscox London Market’s existing portfolio. It is the insurer’s first specialised Lloyd’s sub-syndicate and provides additional insurance capacity and support to clients with positive ESG credentials, such as renewable power generators and energy storage providers. ESG credentials are assessed using a combination of proprietary and independent third-party data, with cover available for a range of insurance lines and industries operating anywhere in the world where Lloyd’s licences are valid.
Paul Lawrence, chief underwriting officer for Hiscox London Market, said: “ESG 3033 is off to a great start and the first risks we’ve written are good examples of our growing appetite for renewable energy. We’ve had really positive feedback so far from both brokers and clients, who want to draw on our underwriting and claims expertise, as well as our strong industry relationships, and use ESG performance as a real point of differentiation. We expect this momentum to accelerate over time, as we support more clients through the net zero transition.”
Angela James, Aon’s chief broking officer for the Global Broking Centre in London, said: “At Aon, one of the ways we measure our impact is through an Environmental, Social and Governance (ESG) lens, both by how we operate our firm and the market-leading solutions we deliver to meet our clients’ growing needs. Helping organisations address risks associated with ESG issues is key to how we help them protect and grow their businesses. We are keen to work with insurers like Hiscox to develop solutions for clients that shape better decisions as they navigate the transition to net zero.”
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