A new syndicate established by Bermudian-based Axis Capital Holdings Ltd to support the energy transition has received full approval from Lloyd’s and will begin underwriting from April 1, the company reported.

Elliot Lyes, the head of Upstream Energy at Axis, will serve as active underwriter for Syndicate 2050 and work alongside a cross-class team of underwriters to provide specialty insurance solutions tailored to the risks associated with replacing or displacing fossil fuels through lower-carbon alternatives.

Mark Gregory, head of Global Markets, Axis, said: “Supporting the shift to net zero represents an enormous opportunity for the insurance industry to rise to the challenge by developing the specialty coverages that organisations need throughout their energy transition journeys, while maintaining energy resilience.

“Receiving permission to underwrite through Energy Transition Syndicate 2050 is a milestone for Axis. From April, we’ll be providing a single access point to holistic cross-class insurance solutions for energy projects that have a critical role in supporting the transition to net zero.”