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Beazley PLC said Monday it has received initial approval from Lloyd’s of London to establish a syndicate that will offer additional capacity to businesses that meet environmental, social and governance rating metrics.
Syndicate 4321 will start underwriting from Jan. 1, 2022, and will be led by Will Roscoe, head of the market facilities division, the London-based specialty insurer said in a statement.
In the initial phase the syndicate will accept directors and officers, health care, financial institutions, London market U.S. cyber, property, marine hull, marine cargo and aviation business.
The syndicate has been set up under the Lloyd’s syndicate-in-a-box framework and will operate as a consortium arrangement led by Beazley Lloyd’s syndicates 623 and 2623.
“Evidence demonstrates that businesses with high ESG ratings are likely to have a lower risk profile,” Mr. Roscoe said in the statement.
McKinney, Texas-based life insurer Globe Life Inc. acquired Beazley Benefits from London-based specialty insurer Beazley P.L.C., reports Markets Insider. Beazley Benefits provides accident and health insurance, as well as supplemental health insurance products. The transaction, which closed Aug. 1 for an undisclosed amount, is expected to enhance Globe Life's employee benefits solutions.