Agent & Broker News

Marsh to recognize clients with robust ESG frameworks

Image

New initiative enables firms to receive preferred D&O coverage on ESG-related exposures 

 

New York -- October 25, 2021 – Marsh, the world’s leading insurance broker and risk advisor, today announced the launch of a new directors and officers liability (D&O) insurance initiative that will recognize US-based clients with superior environmental, social, and governance (ESG) frameworks.

Under the initiative, participating Marsh clients will engage with select international law firms including Norton Rose Fulbright and Orrick, Herrington & Sutcliffe LLP to independently review, evaluate, and, in some cases, bolster their ESG frameworks. Subject to underwriting, Marsh clients will then be considered for preferred D&O policy terms and conditions on ESG-related exposures – such as climate change disclosures and representations – from four participating D&O carriers: American International Group Inc.; Berkshire Hathaway Specialty Insurance; Sompo International; and Zurich North America. 

The move comes amid an uptick in ESG-related stakeholder activism and litigation, as well as an evolving global regulatory environment. It also demonstrates how investing in robust ESG initiatives can positively impact organizations’ bottom lines.

“Our clients have endured one of the most challenging D&O markets in decades, and the risk landscape is only intensifying, especially as it relates to ESG issues like climate change and diversity,” said Maureen Gorman, a Managing Director in Marsh’s US FINPRO Practice. “As clients continue to invest in ESG initiatives, it is right that they be recognized as a better risk by underwriters. By working with these select law firms, we are ensuring clients have access to leading independent ESG expertise that can help validate and elevate their ESG efforts, becoming eligible for more favorable coverage.”

Amy Barnes, Head of Climate & Sustainability Strategy at Marsh, added: “Marsh is proud to introduce D&O coverage enhancements that recognize organizations taking a proactive approach to managing the risks associated with ESG, including the transition to a low-carbon economy. We look forward to replicating this initiative in London and in other parts of the world over the coming months. Marsh McLennan has co-led the product and services development workstream of the Prince of Wales’ Sustainable Markets Initiative Insurance Task Force, and we are pleased to be driving climate positive innovation in our industry.”

Trending
Share this Post:
Posted by IRL Staff

Advertisement

ad ad

Related articles

Patrick Rastiello joins Ardonagh Specialty to lead North America Reinsurance expansion

Ardonagh Specialty has appointed Patrick Rastiello as CEO* of its North American reinsurance operations.   Patrick will be responsible for building Ardonagh Specialty’s US reinsurance...

Global Markets Overview: February 2024

In this Global Markets Overview, we explore our global outlook and share what we think it means for 2024.  https://www.wtwco.com/en-gb/insights/campaigns/global-markets-overview As...

EAMONN CUNNINGHAM WINS RIMS HARRY & DOROTHY GOODELL AWARD

Risk Management Trailblazer Presented with RIMS Highest Honor for Lifetime Achievement in Risk Management  NEW YORK (February 13, 2024) – At the RIMS New Zealand and Pacific Island...

Insurer’s Lease More Than Doubles Its Chicago Office Space

Sompo International Plans Move to 46-Story Tower at 155 N. Wacker A global specialty insurance provider is more than doubling the size of its Chicago office in a move a few blocks north, bucking the trend...

Haynes and Boone, LLP is pleased to announce that Peter A. Halprin has joined the firm as a Partner

Haynes and Boone, LLP is pleased to welcome Insurance Recovery Partner Peter A. Halprin to the firm’s New York City office. A Chambers USA-ranked attorney, Peter joins from Pasich LLP, where...

LIO Specialty Launches Revolutionary Online Portal for Life Science Insurance Solutions

Leading the Excess and Surplus Lines Market with Innovative Coverage for Cannabis and Nutraceutical Industries  West Conshohocken, PA– LIO Specialty Insurance Company proudly announces the launch...