Howden launches sustainable insurer

Insurance broker Howden has announced the launch of Parhelion, which it says will be the world’s first fully sustainable insurer. Parhelion is targeting a capital raise of around £350m and will implement an underwriting approach based on data, technology and proprietary ESG criteria. It aims to start underwriting from 1st January 2022.

Charlie Langdale, head of sustainable insurance at Howden, said: “We’re delighted to offer a unique solution for our clients who are in need of a new and sustainable approach to the risks of the future.

“Parhelion will be an unencumbered highly rated ESG focused carrier backed by fresh capital that our clients can partner with and trust. Its launch is a step towards facilitating long-term industry change.”

Julian Richardson and David V. Cabral, co-CEOs of Parhelion, added: “Companies are transitioning to sustainable procurement and this should not be limited to physical good; it must also include financial services and products.

“Our vision is to support customers’ transition to a more sustainable and resilient future while creating a virtuous cycle of improved risk control and underwriting performance, irrespective of the market cycle. This vision will be supported by an ecosystem of services and shared data insights to support the overall customer ESG transition.”

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