Scor and Axa have partnered on the launch of a new Lloyd’s of London consortium that will aim to improve access to financing for ecological restoration projects by de-risking the associated investment opportunities. Scor’s syndicate 2015 will lead the consortium, supported by Axa XL’s syndicate 2003.

The consortium will underwrite Scor’s restore product, which provides cover for ecological restoration projects seeking to create the required conditions for recovery of previously degraded, damaged, or destroyed ecosystems.

Jean-Paul Conoscente, CEO of Scor P&C, said: “Restore enhances the likelihood of successful completion for ecological restoration projects and provides greater project confidence. By partnering with Axa, we can scale our impact and help address one of the most pressing environmental challenges of our time. This collaboration reflects our shared commitment to healthy ecosystems and innovative solutions that aim to support the long-term welfare of society.”

Etienne Champion, P&C commercial group chief underwriting officer at Axa, added: “The preservation of biodiversity plays a major role for the economy: it is estimated that around 50% of the world’s economy relies directly or indirectly on healthy ecosystems, which makes their protection a strategic priority for all economic actors.”