Chaucer signs partnership with UK carbon insurer

U.K.-based Chaucer Insurance Group PLC has partnered with U.K.-based carbon insurance specialist Kita Earth Ltd. to insure the delivery risk of carbon sequestration projects, Reinsurance News reported. Kita’s first product, carbon purchase protection cover, protects the buyer of forward purchased carbon credits against delivery risk. Chaucer will provide lead underwriting capacity besides investing in Kita, while RenaissanceRe Holdings Ltd.  and Munich Re Syndicate Ltd. will provide the follow capacity.