Bermudian-based Fidelis Insurance Holdings Limited has joined the Net-Zero Insurance Alliance (NZIA), convened by the UN Environment Programme’s Principles for Sustainable Insurance Initiative.

The company said this highlighted its commitment to supporting the insurance industry’s transition to net-zero underwriting by 2050.

Richard Brindle, chairman and group chief executive officer of Fidelis, said: “We are delighted to be part of this important initiative and we intend to fully embed its principles into how we operate at Fidelis.

“We intend to reach the net-zero target well before 2050 and in line with the NZIA principles, we will be publishing interim targets for this in 2023.

“We are already developing metrics in our underwriting, not just on carbon and environmental issues but on social and governance ones as well. We firmly believe that this makes our business more sustainable and more profitable over time.”

Olivia Brindle, head of sustainability, said: “Decarbonisation is imperative and we need to make material progress within the current decade.

“Fidelis is committed to working with all its stakeholders to accelerate the transition to a low-carbon economy, making NZIA membership and collaboration with a group of like-minded peers a logical step on our sustainability journey.”