Jean-Paul Conoscente, CEO of SCOR P&C, commented: “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.”
London:Two major global re/insurers, SCOR and AXA, have announced the launch of a new Lloyd’s of London consortium dedicated to advancing ecological restoration. The consortium aims to unlock financing for ecological restoration projects by de-risking the associated investment opportunities.
The consortium will be led by SCOR’s Syndicate 2015 at Lloyd’s, managed by SCOR Managing Agency Ltd, and supported by AXA XL Syndicate 2003 at Lloyd’s. By combining capacity and global reach, SCOR and AXA will be able to cover larger, more complex ecological restoration projects worldwide.
This consortium addresses a critical gap in the insurance market for projects that assist the recovery of previously degraded, damaged, or destroyed ecosystems. It will underwrite SCOR’s Restore Product, which provides cover for the phase of an ecological restoration project that focuses on the implementation of the conditions for recovery.
Jean-Paul Conoscente, CEO of SCOR P&C, comments: “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.”
This development marks the next evolution of SCOR’s NatReCo (Nature Restoration and Conservation) initiative, launched in May 2024, which develops insurance solutions designed to support nature-resilient restoration and rehabilitation.
Etienne Champion, P&C Commercial Group Chief Underwriting Officer at AXA, said “This product is the logical continuation of AXA’s environmental commitments. With SCOR, we are taking a further step: offering a solution that concretely secures nature restoration projects and turns our commitments into tangible actions in support of natural capital. 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.”
Henry Mumme-Young, Chief Underwriting Officer at SCOR UK and Active Underwriter of SCOR Syndicate 2015, added: “The launch of this consortium led by the SCOR Syndicate reflects our commitment to act for society, by enabling insurance to play a meaningful role in addressing environmental challenges and supporting long-term ecological resilience.”
SCOR and AXA invite project developers, investors, and other stakeholders committed to ecological restoration to get in touch to learn more about the consortium and explore partnership opportunities.