Allianz takes hard line on coal, David Bearman unveils new Aventum Group, APOLLO partners with Lloyd’s of London
Today we see Allianz announce that it will phase out insurance for coal-based business by 2040, Direct Insurance and other affiliates integrated into the new Aventum Group, and Canadian insurtech APOLLO has secured coverholder status with Lloyd’s of London.

Allianz is cracking down on coal-based business models

From 2040, Allianz will entirely phase out coal-based business from its P&C insurance portfolio. 

As soon as 2023, the insurer will place firm curbs on coal in P&C and proprietary investments. The change will affect mining firms whose revenue is more than 25% coal based or who mine more than 10 million tons of coal annually, who will no longer be eligible.

Line Hestvik, the Group Chief Sustainability Officer, has said: “We want to protect our customers from the increasing risks of climate change and at the same time set the course for a sustainable economy today.”

Direct Insurance becomes Aventum Group 

David Bearman, CEO of the former Direct Insurance Group, has announced a structural and branding overhaul as the group is reorganised into Aventum Group. Their new slogan is “Dare to Discover”.

This Direct Insurance Group has evolved from the Direct Insurance Agency in 1996, and its operational Gross Written Premium has since grown to more than $600m (£433m) annually. 

Bearman says that “by bringing the business together under one brand, we’re creating a real presence in the market that can leverage our existing system efficiencies and innovation, and enhance the experience of all our customers.”

APOLLO has secured coverholder status with Lloyd’s of London

APOLLO, Canada’s leading insurtech, specialises in insuring SMEs and brokers, alongside offering car, home and even boat products. They secured a CAD $13.5m (£7.9m) Series A funding round in January 2021. 

The firm has now been granted coverholder status by Lloyd’s of London, enabling them to enter into contracts on behalf of a Lloyd’s Managing Agent. This provides them access to the Lloyd’s brand, alongside its ratings and underwriters. 

This announcement has followed sustained growth and key C-Level appointments for the firm. Tracey Swain was appointed CFO and Marco Andolfatto as Chief Underwriting Officer in November 2020. 

Jeff McCann, APOLLO’s CEO, has said that “Achieving coverholder status with Lloyd’s of London — the most prestigious name in the insurance industry — allows APOLLO to move even faster”.

Matt Kenyon is a content producer at Insurtech Insights.

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