Brit Syndicates Limited
Climate Impact & Sustainability Data (2023)
Reporting Period: 2023
Environmental Metrics
Total Carbon Emissions:2935 tCO2e (before offset)
Scope 1 Emissions:196 tCO2e
Scope 2 Emissions:203 tCO2e
Scope 3 Emissions:2536 tCO2e (partial, business travel only)
Renewable Energy Share:100% (electricity)
Total Energy Consumption:2187829 kwh (UK based operations only)
Waste Generated:56.5 tonnes (total waste)
ESG Focus Areas
- Reducing environmental footprint
- Enabling net zero transition
- Responsible product deployment
- Inclusive culture for our people
Environmental Achievements
- Reduced emissions from cloud storage by at least 25% in the second half of 2023
- Achieved a 79.2% recycling rate in 2023
- All electricity supplied is REGO-backed renewable electricity
Social Achievements
- 87% of employees completed ESG training in 2023
- 107.5 days of employee volunteering in 2023
Governance Achievements
- Established ESG Steering Committee, supported by two working groups
- Recruited a Head of ESG (from Jan 2024)
- Internal Audit Review in H2 2022 with all recommendations actioned in 2023
Climate Goals & Targets
Long-term Goals:
- Achieve net-zero emissions (target year not specified)
Medium-term Goals:
- Develop and publish a transition plan in 2025
- Set internal targets for scope 1, 2 and 3 emissions in 2025
Short-term Goals:
- Develop climate and nature-related underwriting guidelines in 2024
Environmental Challenges
- Limited historical data for some risks (e.g., extreme catastrophe events)
- ESG data for underwritten risks is under development
- Uncertainty over the impact of climate change on Brit’s risk profile
Mitigation Strategies
- Investing in capabilities to quantify the impact of climate change on key peril-regions
- Using modelling (both modelling of climate change itself and modelling of potential weather events)
- Developing an ESG approach in Underwriting and Investments
Supply Chain Management
Responsible Procurement
- All material vendors are asked to continuously improve environmental and sustainability elements of their products
- ESG questionnaire as part of due diligence for outsourcing providers
Climate-Related Risks & Opportunities
Physical Risks
- Increased frequency and severity of weather-related natural catastrophes (hurricanes, wildfires, floods)
Transition Risks
- Investment losses from exposure to industries perceived to be contributing to climate change
Opportunities
- Providing insurance cover for climate-transitioning business (renewable energy sector)
Reporting Standards
Frameworks Used: TCFD, IFRS S1 & S2 (aspiration)