Tokio Marine HCC International, Markel and Apollo back early-stage carbon credit insurance launch 

Major insurers back Artio’s new product to support early-stage carbon credit projects and climate goals.

Tokio Marine HCC International (TMHCCI) has joined forces with Markel and Apollo to provide insurance capacity for Artio, an emerging carbon insurance platform launching a new data-driven product aimed at de-risking early-stage carbon removal projects. 

This new product, now available, protects buyers from the risk that carbon credits – earned by removing carbon dioxide from the atmosphere – may not be delivered as planned. By reducing this risk early, the product helps unlock more investment in carbon removal projects. 

The insurance solution addresses one of the key bottlenecks in the voluntary carbon market: uncertainty around project delivery and credit integrity. Artio’s goal is to speed up growth in the carbon market and increase the supply of trusted, high-quality carbon credits. Ultimately, this should support corporations and governments in achieving their 2030 net-zero commitments. 

Leading the insurance panel is TMHCCI, a global specialty insurer within the $70 billion Tokio Marine Group. The company brings more than 25 years of experience in renewable energy underwriting and has positioned itself as one of the world’s largest insurers of green energy projects. 

Ben Kinder, chief underwriting officer (marine, energy and renewables) at TMHCCI, said, “Across the Tokio Marine Group, we recognise the critical role of insurance in the climate transition. We’re proud to collaborate with innovative companies like Artio, whose unique science-based modelling sets a new standard for delivering better products to buyers.” 

Artio was founded by Bilal Hussain, who has worked with carbon and climate data at Sylvera and Bloomberg, and Ibrahim Sarwar, who has experience in project finance and risk from Deloitte. Their combined expertise aims to bring trust and growth to the carbon credit market. 

Also backing the launch is Markel, a Fortune 500 global specialty insurer with a broad international footprint, and Apollo, a Lloyd’s market syndicate known for its bespoke, data-driven risk solutions. 

Bryan Dressler, director and head of warranty and indemnity at Markel, commented, “We’re thrilled to be a founding capacity provider to Artio, as the carbon insurance space continues to expand. Artio’s innovative product will be a key enabler in helping corporate buyers achieve their net-zero targets.” 

Artio’s platform uses detailed and tailored project data to build insurance solutions at the earliest stages of carbon project development. According to Ibrahim Sarwar, Artio’s co-founder and COO, early-stage coverage is vital to grow the market: 

“Our capacity partners share our vision in helping scale the carbon markets and corporations reach net-zero,” he said. “To achieve this, early-stage coverage is critical, and we need specialist datasets to deliver insurance products that truly fit buyer needs.” 

Artio’s insurance panel was put together with help from Gallagher Re’s Green Solutions team. The company also gained support through the Lloyd’s Lab innovation programme and DA Strategy. 

Image credit: © pxhidalgo via Canva 

Josie Geistfeld Josie is an editor for Claims Media. She welcomes feedback, comments, and opinion at josie.geistfeld@barkerbrooks.co.uk