International insurance broker Howden has introduced Parhelion Underwriting with the aim of raising $500m after it was seeded by Howden.
According to Howden, Parhelion will offer both traditional risk coverage and also create new environmental, social and governance (ESG)-specific products. It plans to begin underwriting in January next year.
Howden also remarked that the new company will look at risk ‘through a new lens’ in order to support a ‘unique underwriting approach’ based on data, technology and proprietary ESG criteria.
The new company will be led by co-CEOs Julian Richardson and David Cabral, who are insurance and climate risk experts. Chris Sharp – a reinsurance executive – will join as the chief underwriting officer in September this year.
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