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Marsh LLC said Wednesday it has partnered with Everest Re Group Ltd. to expand its directors and officers liability initiative that recognizes clients with superior environmental, social and governance frameworks to the Bermuda market.
A global rollout of the program to the United Kingdom, Europe and Asia markets will follow.
Buyers seeking D&O coverage in the Bermuda market will be considered for preferred policy terms and conditions and broader coverage if they can demonstrate strong ESG credentials, Marsh said.
The enhanced program will include explicit coverage for chief sustainability officers and an increased limit for independent board directors, said Amy Barnes, head of climate and sustainability strategy at Marsh.
Everest will initially provide up to $1 million in additional limits ringfenced for independent directors in excess of the layer purchased, Ms. Barnes said.
The definition of loss has also expanded to provide coverage for fines and penalties, she said. Fines and penalties are not typically covered under a D&O policy in the U.S.
The Bermuda market can cover punitive damages, fines and penalties under a D&O policy irrespective of climate and sustainability, and insurers have more comfort in providing it “recognizing that they are protecting individuals, rather than the corporate body,” she said.
Marsh last October introduced the D&O ESG initiative for U.S.-based clients.
Ms. Barnes spoke to Business Insurance at the Risk and Insurance Management Society Inc.’s Riskworld conference this week in San Francisco.
The Labor Department’s plan to reverse a Trump-era rule and allow retirement accounts to incorporate values-themed investing strategies enjoys overwhelming public support, according to a new study of the comments filed in response to the proposal, Barron’s reports. The Labor Department’s Employee Benefits Security Administration said that 97% of the commenters on the proposal support the move to strike the ESG restrictions for retirement plans.