The law firm’s head of global insurance says ESG and business success are ‘inextricably linked’ 

International law firm RPC has advised Howden Group on the launch of Parhelion – its new sustainable insurer business.

Seed funded by Howden, Parhelion launched at the beginning of June

Led by co-chief executives Julian Richardson and David Cabral, the new business aims to support clients with their environmental, social and governance (ESG) transition. The firm is targeting a $500m capital raise.

Simon Laird, RPC’s head of global insurance, added: “Gone are the days when ESG could be treated as independent of business strategy [or] business success.

“They are inextricably linked. You can’t execute a credible business strategy without considering the way you treat your people, your communities and the world around you.

”We’re proud to support Howden Group and the Parhelion team on this new venture.”

Long-term industry change

Charlie Langdale, Howden Group’s head of sustainable insurance, added: “Parhelion will be an unencumbered, highly rated, ESG focused carrier, whose launch is a step towards facilitating long-term industry change.”

James Mee, the partner at RPC who led the advisory work on behalf of the firm’s corporate insurance team, said: “As one of the leading firms supporting the insurance market, this is a terrifically exciting project to be part of.

”We’re delighted to have worked with the team at Howden Group and Parhelion and look forward to seeing Parhelion grow. ESG is a constant topic of conversation and it is wonderful to help our clients and the market take action in this area.”

Lee Holland, M&A chief counsel at Howden Group, said: “We have done a number of deals together with [Mee] and the RPC team and this transaction will bring forward an exciting new solution for our clients.”