From: Captive International
Captives can be used to address environmental, social and corporate governance (ESG) issues in the insurance market.
The final session of the 2022 Bermuda Captive Conference was a panel moderated by Séadna Kirwan, risk advisory director, Aon Bermuda and which included Sherman Taylor, head of capital markets, Bermuda, at Ocorian; Maura McGuigan, director of criteria at AM Best; and Andy MacFarlane, head of climate at AXA XL.
The session explored the possibility of captives covering uninsured risk in the ESG space, how parent company ESG initiatives could impact captive structure and operations, and Bermuda’s responsibility in the ESG framework.
The panel agreed that this area is seeing rapid movement due to various initiatives by governments, boards of directors and other organisations, as well as by pressure from members of the public demanding change.