Group Captive Unites Risk Managementand Sustainability
By Mary Sams, Senior Research Analyst, Triple-I
Impact Re Ltd. – a member-owned captive fronted by Zurich North America – brings together companies from a variety of industries that share an interest in both risk management and sustainable business practices.
The captive is a partnership between Zurich North America and Innovative Captive Strategies (ICS). In addition to being one of the largest providers of commercial insurance products and services in the United States and Canada, Zurich North America is part of global insurer Zurich Insurance — a company widely recognized for its commitment to sustainability.
Group captives enable companies with similar risk profiles to reduce their insurance costs by pooling risk and simplifying risk management. Typical structures include committees managing risk control, finance, and underwriting. Impact Re adds a sustainability committee and will offer members greater control and management of auto, general liability, and workers compensation programs, as well as providing access to management services focused on sustainability from Zurich Resilience Solutions (ZRS).
ZRS will conduct a sustainability assessment of the member company’s carbon footprint and energy consumption. The assessment is not designed to exclude non-conforming companies from membership but to provide baseline data against which members can measure their progress toward their own sustainability goals. The objective is to quantify the business benefits of sustainability and communicate those benefits to stakeholders.
Impact Re is among the winners announced in the Business Insurance 2023 Innovation Awards.