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Captives can bolster ESG programs: WCF panelists


MIAMI — Captive insurers can support an organization’s environmental, social and governance programs, irrespective of the political environment in different states, experts say.

They were speaking Thursday during a panel session at the World Captive Forum, sponsored by Business Insurance, in response to a question from the audience about how captives can be used given the different political and legislative environment in blue and red states and its impact on ESG policies.

Several states, including Florida and Texas, have taken anti-ESG stances and enacted laws that penalize financial institutions because of their ESG investment policies.

Despite legislation introduced in some states, many captives want to compete in the ESG space, said Brian Quinn, founding director of Bermuda-based Granite Management Ltd., a captive management and consulting company.

 “Pushing out what they want to do is their global promise, irrespective of state,” Mr. Quinn said.

The emphasis when it comes to benefits is on benefits, said Alan Buckley, partner at Mercer LLC.

“When you break down what you’re trying to achieve, there are some common-sense objectives: access to medical care globally and having equity around potential outcomes when it comes to cancer treatment, neonatal care. I hope that never becomes politicized,” he said.

The global environment is complicated from a legislative perspective, so part of the appeal of captives when it comes to developing an ESG strategy is that they are set up to be professionally run and very well regulated, Mr. Buckley said.

“They have that visibility and a strong governance emphasis, so that you can manage compliance risk and reputational risk around the world, which is really crucial,” he said.