By Mary Sams, Senior Analysis Analyst, Triple-I
Affect Re Ltd. – a member-owned captive fronted by Zurich North America – brings collectively firms from a wide range of industries that share an curiosity in each danger administration and sustainable enterprise practices.
The captive is a partnership between Zurich North America and Innovative Captive Strategies (ICS). Along with being one of many largest suppliers of economic insurance coverage services and products in the US and Canada, Zurich North America is a part of world insurer Zurich Insurance coverage — an organization widely known for its dedication to sustainability.
Group captives allow firms with related danger profiles to scale back their insurance coverage prices by pooling danger and simplifying danger administration. Typical buildings embody committees managing danger management, finance, and underwriting. Affect Re provides a sustainability committee and can supply members better management and administration of auto, common legal responsibility, and staff compensation applications, in addition to offering entry to administration companies targeted on sustainability from Zurich Resilience Solutions (ZRS).
ZRS will conduct a sustainability evaluation of the member firm’s carbon footprint and power consumption. The evaluation shouldn’t be designed to exclude non-conforming firms from membership however to offer baseline information in opposition to which members can measure their progress towards their very own sustainability targets. The target is to quantify the enterprise advantages of sustainability and talk these advantages to stakeholders.
Affect Re is among the many winners introduced within the Business Insurance 2023 Innovation Awards.
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