“Steel City Re has launched a new insurance product centred around environmental, social and governance (ESG) activities to provide protection to boards of directors. As a provider of parametric insurance solutions, Steel City Re emphasises the legal and reputational risk of failing to meet ESG requirements and expectations. The company addresses emerging risks and ESG compliance through reputation insurances and captives for risk retention and transfer.”Captive Insurance Times
September 14, 2021
“Nir Kossovsky, CEO of Steel City Re, comments: “The race to set ever higher ESG goals has made…the risk of (often very public) failure more serious.”
ESG risk arises, in part, from ESG pledges, which we explained in an article on Pinterest in December 2020. The new ESG Insurance policy covers “strategic managerial and governance actions signaling corporate values.” The policy is backed by the Lloyd’s syndicate, Tokio Marine Kiln.
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