Howden launches sustainable underwriter, plans $500m raise

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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