Blenheim Partnerships, part of the White Bear Group, today announces the launch of a flagship political risk blended coverage product, providing carbon credits insurance, including CORSIA corresponding adjustment coverage.
CORSIA, the International Civil Aviation Organization’s global carbon offsetting scheme for aviation, is driving demand for high-quality, compliant carbon credits while introducing new regulatory and corresponding adjustment requirements. In response, Blenheim has developed SCREW – Sovereign Corresponding Adjustment Revocation & Enforced Withdrawal – a solution designed to address the growing need for robust risk protection in developing territories as carbon markets evolve in line with global net zero ambitions. Today, Gold Standard, a leading carbon standard eligible to supply credits under CORSIA, has added SCREW to its list of approved insurance policies.
Launched and led by Ed Parker, senior underwriter, special risks, Blenheim Partnerships, the product combines traditional political risk insurance coverages, as well as those required by carbon standards for CORSIA. This blended approach offers clients a comprehensive tool and is the first of its kind offered by a private political risk underwriter.
Parker said: “Once again it’s clear to see Blenheim Partnerships is leading the market in bringing together political risk expertise and experience in bespoke underwriting to address a clear and growing need in the carbon markets as highlighted by brokers and clients alike. Under the Blenheim banner, our focus is on listening to the market and delivering relevant solutions that reflect both the complexity of carbon credits and the realities of sovereign and regulatory risk.”
Sarah Leugers, chief growth officer at Gold Standard, added: “As demand grows under CORSIA in the coming years, the supply of high-quality eligible credits will also need to scale up. Expanding the pool of approved insurance providers, through recognition of Blenheim’s new policy, is one of the ways in which Gold Standard is helping project developers to supply the CORSIA market from strong foundations.”