World to see first fully sustainable insurer

Howden has announced the launch of Parhelion, the world’s first fully sustainable insurer.

Parhelion’s new and diversified ESG products will meet the risk financing needs of a greener economy. The new business has been seeded by Howden and will match the surge in institutional capital seeking sustainable investment strategies with the growing demand from corporates seeking an insurance provider to support their journey towards ESG transition and a more resilient future.

Parhelion is targeting a capital raise of USD500 million and being advised by Howden Capital Markets and TigerRisk Capital Markets & Advisory.

Parhelion will provide both traditional risk coverage and create new ESG-specific products for risks of the future.

Co-CEOs, (re)insurance and climate risk finance experts, Julian Richardson and David V. Cabral will lead Parhelion, and will be joined by reinsurance executive Chris Sharp as Chief Underwriting Officer in September 2021. Parhelion’s aim is to begin underwriting from January 1 2022.