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SCOR demonstrates its continued support for the energy transition through its involvement in a pioneering maritime transport project led by TransOceanic Wind Transport (TOWT), a French shipping company proposing a cleaner way to ship cargo in the form of sailing vessels.
TOWT has just begun the construction of six sailing cargo “sisterships” designed to help decarbonize the global shipping industry using the power of the wind.
SCOR Business Solutions is supporting the TOWT project alongside AXA XL Insurance through a pioneering credit insurance policy (Marine Supported Finance) offered by the broker Marsh.
Compared to traditional, hydrocarbon-dependent container ships, sailing cargo ships are far less polluting, dramatically reducing harmful emissions such as CO2, sulfur oxides, nitrogen oxides, and methane. As well as being beneficial for the climate, this also helps to reduce the impact of shipping on marine biodiversity by lowering ocean acidification. Moreover, the slower sailing speeds, lower noise levels and greater maneuverability of sailing cargo ships mean that they reduce the risk of collisions with marine life.
The construction of all six vessels is being financed simultaneously, by CIC, Arkéa, Caisse d’Epargne Normandie and Banque Palatine. On the insurance side, Bpifrance Assurance Export is also providing support through its shipbuilding insurance product Garantie Interne.
Bernard Verlet, Senior Political and Credit Risks Underwriter at SCOR Business Solutions, comments: “The SCOR Political and Credit Risk team is proud to support a pioneering transaction, insuring investment in an ancient technology to contribute to solving a very modern challenge. This transaction is fully aligned with the team’s aim – to insure trade and investment which supports a more sustainable and socially responsible global economy. We are committed to working with clients to insure the energy transition across multiple sectors and technologies.”
About SCOR Business Solutions
SCOR Business Solutions is the large corporate risk insurance arm of SCOR. As part of SCOR’s Property & Casualty business, SCOR Business Solutions offers a comprehensive range of insurance products to address the evolving insurance needs of large commercial clients.
The team’s expertise spans Property insurance (general property, power, construction, on and offshore energy, and mining), Casualty (general liability, environmental impairment liability, professional indemnity, and executive risks), and other Specialties (cyber, marine, fine art, marine H&M, cargo, builder’s risk, political and credit risks, space, alternative solutions, terrorism and political violence, and legal solutions). We are market leaders in construction and energy, and we pride ourselves on being active enablers of the energy transition.
With more than 250 highly qualified underwriters and data analysts across Europe, North America, Latin America, and Asia Pacific, we are able to work with clients around the world whilst also offering a deep understanding of local markets and the challenges faced.
We believe that the best way to serve our clients is through collaboration and innovation, so we take the time to understand their needs and propose tailor-made solutions that deliver. SCOR Business Solutions is part of the SCOR Group.
