Zurich Captive Focuses on Sustainability

Thursday, January 12, 2023 | 0

Zurich North America launched a group captive that it said will offer auto, general liability and workers' compensation coverage and risk management programs to companies in different industries that are focused on sustainability.

Envision Re Ltd. is a member-owned captive based in the Cayman Islands that is fronted by Zurich and managed by Waukee, Iowa-based Innovative Captive Strategies, Zurich said.

Zurich will conduct a standard risk assessment of prospective members of the captive as well as a sustainability assessment of their carbon footprint and energy consumption.

The purpose is not to hold them to any single standard, but to provide baseline data and a report from which they can develop or adjust their sustainability strategy, Zurich said in a statement.

Prospective members of Envision Re must be within Zurich’s underwriting appetite, committed to sustainability and to reducing their carbon footprint. Zurich stopped insuring companies that generate more than 30% of their revenues from thermal coal, oil sands and oil shale in 2021.

Businesses in the agriculture, alternative energy, construction, manufacturing, professional services, supply chain, technology, transportation and logistics and wholesale industries are currently being vetted, Zurich said.

The group captive will have a sustainability committee and risk control, finance and underwriting committees. Coverage will be available on a primary basis, with the potential for some excess coverage.

Business Insurance is a sister publication of WorkCompCentral. More stories are here.