MIAMI—Reputational risks for companies and organizations are an increasing concern for risk managers, who are examining their captive structures for relief, panelists told the World Captive Forum in Miami on Wednesday.

Reputational risks have risen to the forefront after recent scandals at Pennsylvania State University, News Corp. and MF Global Holdings Ltd., among others, panelists said. Several corporations are covering such exposures through their captives, the panelists said.

Henry Good, previously a risk manager at Rohm & Haas Co., a unit of Dow Chemical Co., and now a principal at Global SIRC L.L.C. in Naples, Fla., said he knows of “several companies that have transferred (reputational risk exposures) to the captive.”

The advantage of a captive insurance company is that “you can do whatever you want—you can issue a policy from your captive for whatever you want,” Mr. Good said, noting that capping such coverage at the captive level might be necessary to limit the exposure.

During the session, “Reputation…The Next Disaster,” panelists highlighted recent scandals that have put companies' and organizations' reputations at risk.

The common denominator linking the companies and organizations was the perception that “nothing could go wrong,” said Jeffrey Triplette, past risk manager at Duke Energy Corp. and now a principal at Triplette Advisors L.L.C. in Oxford, Miss.

“They were all riding the crest very high. Then something happened,” said Mr. Triplette said, noting that many variables—from regulatory violations to confidentiality agreements—might expose companies to reputational risks.

“It's all over the board what might drive that disaster,” he said.

As companies consider writing reputational risks through their captives, there are some regulatory and tax issues to consider, said Bruce Wright, partner in the tax department of law firm Dewey & LeBoeuf L.L.P. in New York.

Quantifying and covering any financial loss resulting from reputational damage may affect tax deductions for premiums paid to the captive if the value is tied to a company's stock price, he said.

Also, moral hazard concerns may arise when trying to insure such exposures, Mr. Wright said.

Panelists weighed different funding mechanisms to write reputational risk through the captive, such as the use of catastrophe bonds and business interruption coverage.

“We don't have all the answers,” Mr. Good said, noting that risk managers need to identify, anticipate and prepare for events that may never happen.