Ascot highlights its green credentials with Tierra partnership
Ascot will provide up to $15 million in underwriting capacity to Tierra Underwriting, to provide credit insurance in support of green project finance transactions.
Ascot is supporting Tierra, a managing general agency (MGA) in financing carbon abatement transactions and other deals intended to provide environmental benefits to society.
Tierra will work with green capital providers to offer a risk transfer mechanism to help promote the growth of financing in this essential sector. The insurance mechanism will be used to support the financing of a range of infrastructure, including renewable energy projects, such as wind and solar, storage projects and other energy efficiency investments.
Andrew Brooks, group chief executive officer at Ascot, said: “We have a long established credit insurance practice, and I’m delighted that by partnering with Tierra we can expand our presence in the market. We can also help further environmental objectives by ensuring that lenders have sufficient credit insurance to support their needs in the green finance space.”
Andrew Beechey, managing director at Tierra, added: “The capacity provided by Ascot will allow our clients to have broader credit protection for their investments with the backing of a leading Lloyd’s syndicate.”