Howden-backed ‘first fully sustainable insurer’ prepares for launch
Howden-backed “world’s first fully sustainable insurer” is in discussions over a strategic partnership that will provide it with equity, a platform and licenses in target territories, including the European and US specialty markets, ahead of its planned 2022 launch.
The ESG-focused start-up Parhelion has also hired industry leader David Foreman as chairman, who have over 45 years' experience, including underwriting oversight of four profitable Lloyd’s syndicates. He was a founding member and chief underwriting officer of Ark Syndicate Management at Lloyd’s.
Parhelion describes itself as a unique insurance carrier that will help accelerate customers’ environmental, social and corporate governance (ESG) transition, improve their risk profiles and guide them towards a more sustainable economy. Organisations that make tangible improvements in environmental impact, governance practices, and social and employee policies will be rewarded with higher capacity and potentially lower insurance costs.
The business aims to raise $500 million in the coming months and start writing business in January 2022.
Julian Richardson (pictured), co-CEO of Parhelion, said: “We are delighted that David has agreed to take on such an active role in the development of Parhelion. His underwriting credentials and experience of leading one of the best-performing insurance carriers will be invaluable as we set out to create a different kind of insurer with the transition to a more sustainable and resilient future at the very heart of our strategy.”
Co-CEO David Cabral added: “David shares our view that the application of ESG data and insights results in stronger underwriting margins thereby supporting Parhelion's goal of outperformance irrespective of market cycles.”
Foreman commented: “To take on a leadership role at the world’s first fully-sustainable insurer was an opportunity I could not pass up; it's exciting to lead a team focused on setting the standard for what insurers of the future could, and should, look like. From inception, Parhelion intends to lead by placing the environment, people and governance first, thereby proactively responding to current global pressures with unique solutions.”
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