Zurich, ICS Form Sustainability-Focused Envision Re Group Captive
January 17, 2023
Zurich North America and Innovative Captive Strategies (ICS) have collaborated to form Envision Re, Ltd., a group captive insurance company focused not only on members' risk management programs but also their sustainability efforts.
"Envision Re's sustainability lens is unique in the group captives marketplace," Dawn Hiestand, head of group captives at Zurich North America, said in a statement. "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," Ms. Hiestand said.
Prospective Envision Re members will first be subject to sustainability assessments of their carbon footprints and energy consumption led by Zurich Resilience Solutions. The assessments are not intended to hold the prospective members to a single standard but instead to provide them baseline data they can use in their sustainability efforts, Zurich said. Envision Re members can be at various points on the sustainability continuum.
ICS will manage the Envision Re captive. ICS manages more than 35 group captives in both the property-casualty and employee benefits areas.
The Envision Re captive is vetting members in such sectors as agriculture, alternative energy, construction, manufacturing, professional services, supply chain, technology, transportation and logistics, and wholesale. The captive will be based along a typical group captive structure with risk control, finance, and underwriting committees but with the addition of a sustainability committee.
January 17, 2023
