Taking the 'Re/insurer of the year' title at this year's Sustainable Investment Awards is Pension Insurance Corporation (PIC), a specialist UK insurer in the bulk purchase annuity market, which provides tailored pension insurance buyouts and buy-ins to the trustees and sponsors of UK defined benefit pension funds.

Judges highlighted PIC's ongoing commitment to ESG integration, including the launch this year of its Sustainability Target Operating Model, which embeds positive ESG behaviour it expects from investees.

As well as its third TCFD report in 2023, the insurer published its first transition plan aligned to Transition Plan Taskforce guidance as part of its commitment to be net zero by 2050. The report highlighted the importance of strong stewardship in decarbonising its portfolio and resulted in the hiring of a full-time investment stewardship manager and becoming signatories to the UK Stewardship Code last year.

PIC has also made progress in is ESG data from private debt issuers which it gathers directly through engagement. It first fact finds to determine their ESG position and to determine an in-house risk score before following up with further engagement on more specific risks. Sector-specific questionnaires and ESG risk assessment framework help it to assign an issuer score. In 2023, it said the framework was enhanced and made more quantitative to eliminate subjective bias.

Cléo Fitzsimons, head of sustainability at Pension Insurance Corporation, said: "I am incredibly proud of the progress PIC has made over the last three years in integrating sustainable investing across our portfolio and steering capital towards assets aligned with our sustainability commitments.

"As an asset owner, we have a responsibility to ensure the long-term value of our investments is protected, which is why sustainability and climate change form an important part of our corporate and investment approach."

She added: "There is always more progress to be made but we're delighted to have won this year's Environmental Finance Re/insurer of the Year Award. I am looking forward to continuing to develop our responsible investment strategy."