ArgoGlobal, the Lloyd’s insurer and member of Argo Group, has formed a partnership with green finance managing general agency, Tierra Underwriting Ltd.
ArgoGlobal is providing $25 million in underwriting capacity to support the MGA, supporting Tierra Underwriting in transactions that enable a transition to a lower carbon economy. Tierra Underwriting provides long-term credit insurance to support green project finance transactions. Its target clients are banks involved in the financing of projects that are environmentally beneficial and help transition the world to a low carbon future.
“We are excited to be embarking on this partnership with Tierra Underwriting Ltd. at such a vital time in our market’s history,” said Jeremy Shallow, head of Specialty at ArgoGlobal.
“The interest from our clients in the green finance sector is growing rapidly, and we want to be at the forefront of this transition. We are keen to both support positive change globally and to take advantage of the commercial opportunity this represents,” Shallow added.
Andrew Beechey, managing director at Tierra Underwriting, commented:
“Renewable energy has become more efficient and cheaper in the past decade, as the global energy mix adjusts to a more sustainable future. Insurance and finance have a key role to play in supporting this energy transition and helping drive the world towards a greener, healthier planet. Our partnership with ArgoGlobal allows us to be part of this solution and we look forward to announcing further exciting details in the near future.”
As part of its overall environment, social & governance (ESG) strategy, Argo Group said it is committed to developing innovative new solutions and promoting existing products and services that support the United Nations Sustainable Development Goals.
“The company aims to integrate ESG considerations into its underwriting process and partner with those who share our belief in meeting the needs of the present without compromising the future,” added Shallow.
Tierra’s leadership team has deep knowledge and experience in the credit insurance and renewable energy banking markets, said ArgoGlobal, noting that Beechey has worked in the credit insurance market for 25 years and holds a master’s degree in climate change, policy and development.
In addition, Gerard Pieters, director, joined from NORD/LB, having worked for 15 years in the renewable energy project finance market building significant experience of renewable energy technologies and the financing structures needed to bring them to the market.
ArgoGlobal is the trading brand of Lloyd’s Syndicate 1200, managed by Argo Managing Agency Ltd. The syndicate offers worldwide property, marine, energy, specialty and non-U.S. liability insurance.
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