SCOR and AXA have announced the launch of a new Lloyd’s of London consortium dedicated to advancing ecological restoration, marking a significant step in expanding insurance support for nature-positive projects worldwide.
The consortium is designed to help unlock financing for ecological restoration by de-risking investment opportunities linked to projects that support the recovery of degraded, damaged or destroyed ecosystems. It will underwrite SCOR’s Restore product, which provides insurance cover during the critical phase of ecological restoration projects focused on implementing the conditions necessary for recovery.
This initiative represents the next evolution of SCOR’s NatReCo (Nature Restoration and Conservation) programme, launched in May 2024, which develops insurance solutions aimed at supporting nature-resilient restoration and rehabilitation. 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 support larger and more complex ecological restoration projects across multiple regions.
Jean-Paul Conoscente, CEO of SCOR P&C, said: “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.”
Etienne Champion, P&C Commercial Group Chief Underwriting Officer at AXA, added: “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, commented: “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 have invited project developers, investors and stakeholders committed to ecological restoration to engage with the consortium to explore partnership opportunities and support the scaling of nature restoration initiatives globally.
