Trade credit managing general agent (MGA) Anvil has shifted its focus towards green financing and relaunched under the new name of Tierra Underwriting.

Texel Group, the MGA’s owner since it was initially set up in 2016, has moved to refocus the credit insurance underwriter towards green finance and brought in Andrew Beechey as managing director to lead the transition.

Tierra is expected to formally launch in June and will initially focus on providing credit insurance to renewable transactions in the project finance sector, though the firm plans to expand into corporate and trade finance once established.

“We’re looking at supporting long-term, renewable energy infrastructure. Banks financing those projects could buy credit insurance from Tierra to either help them do more in those projects, or to mitigate some of the risk,” Beechey tells GTR.

“Any transaction we look at needs to comply with the green loan principles developed by the Loan Market Association,” he adds.

Beechey says that the firm is run independently from Texel and will initially underwrite on behalf of at least two insurers.

In a news release this week, Lloyd’s insurer ArgoGlobal announced that it would partner with Tierra and provide US$25mn in underwriting capacity to support the MGA.

Discussions are ongoing with a third provider of paper, meanwhile, with Beechey noting that Tierra’s expected total capacity will be between US$40mn and US$50mn.

Beechey previously served as head of underwriting and strategic development at Liberty Specialty Markets. His experience also includes roles at Zurich and Marsh.

At Tierra he is joined by Gerard Pieters, who has moved from German bank Nord LB to take on a director role.

With a background in project finance, Pieters held a few different roles at the bank, which he joined in 2015. Most recently, he had been serving as head of origination for energy, Europe.

Speaking about their differing roles, Beechey notes that his own focus is “predominantly on the insurance side”, while Pieters is charged with focusing on the analysis of the risk, and understanding the projects that Tierra underwrites.

Beechey notes that there will be a growing need for insurance capacity in the green finance space in the coming years, as renewables projects ramp up.