Chaucer promotes Simon Tighe to Group Head of ESG
Chaucer, the international specialty (re)insurance group has promoted Simon Tighe to become its Group Head of ESG, in addition to his role as Group Head of Investments & Treasury within the firm. Simon has been instrumental in driving Chaucer’s ESG sustainability strategy, which is committed to embedding ESG into the decision-making process.
Simon has played a crucial role in the development of Chaucer’s major ESG initiative which it developed in partnership with Moody’s. The ESG Balanced Scorecard enables businesses to measure their ESG performance, across up to 158 distinct metrics, enabling them to evaluate business risks and opportunities.
Chaucer recently announced it has signed up to the United Nations Principles for Sustainable Insurance (PSI). The principles will serve to address ESG risks and opportunities for the insurance and reinsurance industries.
The ESG Balanced Scorecard which Chaucer developed jointly with Moody’s, the leading global provider of financial intelligence, uses up to 158 metrics to evaluate the ESG performance of a business, based on its disclosures. The design marries Chaucer’s expertise in underwriting risk, with Moody’s data and ESG-modelling expertise, to help businesses identify and manage ESG risks and opportunities, helping them to become more sustainable. The scorecard not only enabling (re)insurers to manage their own ESG profiles but also helps (re)insurers better understand potential risks and areas for improvement related to the ESG of their customers.
Chaucer has also invested in and is providing lead capacity for, carbon credit insurance specialist Kita, whose Carbon Purchase Protection Cover insures buyers of forward-purchased carbon credits. The aim of the product is to incentivise corporates to invest in carbon removal projects, by providing coverage should credits from forestry projects fail to materialise. Increased buyer trust in carbon delivery leads to greater flows of capital to help scale carbon sequestration projects at the rate necessary to fight the climate crisis.