Zurich & ICS launch Envision Re as sustainability-focused group captive

 

Zurich North America has collaborated with Innovative Captive Strategies (ICS) to launch Envision Re, Ltd., a captive insurance company that will bring together businesses that want to optimise their risk management programs while reducing their carbon footprint.

Dawn Hiestand, Head of Group Captives at Zurich North America, commented, “Envision Re’s sustainability lens is unique in the group captives marketplace.”

“The Envision Re captive will provide the usual advantages of a member-owned, Zurich-fronted captive, offering companies greater control of their auto, general liability and workers’ compensation risk management programs, with the added value of services and support for members’ individual sustainability objectives.

“These companies will have access to innovative sustainability-oriented services from our risk engineering unit, Zurich Resilience Solutions, as well as the ability to share best practices with like-minded companies in the captive to help each of them make progress on their respective goals,” she added.

Meanwhile, ICS will manage the Envision Re captive, having specialised in creating member-owned group captives to provide an alternative solution for businesses to insure workers’ compensation, general liability and auto coverages since 1999.

Tim Flattery, Captive Consultant and Shareholder at ICS, added, “ICS has built its reputation around creating captives with higher engagement and more control with a peer group experience for its captive owners.

“This leads to loss ratios that outperform the industry standards. ICS and Zurich are now taking this same model that has led to so much success in loss prevention and added the focus of sustainability.”

The captive is vetting members representing sectors such as agriculture, alternative energy, construction, manufacturing, professional services, supply chain, technology, transportation and logistics, and wholesale.

It will align with the typical group captive structure with one addition: a Sustainability committee in addition to Risk Control, Finance and Underwriting committees.

Zurich Resilience Solutions will offer Envision Re members a range of tools and support to help manage both operational and embodied emissions in a company’s energy infrastructure, construction, product development, manufacturing, distribution and more, as best practices on sustainability evolve.

Kristof Terryn, CEO of Zurich North America, said, “Reducing reliance on fossil fuels and carbon emissions remains a key priority for Zurich, both in our own business and in how we support customers, and Envision Re is an example of this.

“Last year Zurich Insurance Group celebrated its 150th anniversary, and as we look to the future we will continue to develop innovative approaches and solutions to support sustainability for all.”

Source: Reinsurance News, https://www.reinsurancene.ws/zurich-ics-launch-envision-re-as-sustainability-focused-group-captive/

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