Zurich North America has partnered with Innovative Captive Strategies (ICS) to launch a Cayman-domiciled group captive that will bring together companies wanting to optimise their risk management programmes and advance sustainable practices.
Envision Re was licensed in August 2022 as a Class B(i) insurer by the Cayman Islands Monetary Authority (CIMA) and will be managed by ICS.
Prospective members of the captive will be vetted prior to joining and start with a sustainability assessment of their carbon footprint and energy consumption, led by Zurich Resilience Solutions.
“Envision Re’s sustainability lens is unique in the group captives marketplace,” Dawn Hiestand, head of group captives at Zurich North America, said.
“The Envision Re captive will provide the usual advantages of a member-owned, Zurich-fronted captive, offering companies greater control of their auto, general liability and workers’ compensation risk management programs, with the added value of services and support for members’ individual sustainability objectives.”
Prospective members will be vetted prior to joining with sectors including agriculture, alternative energy, construction, manufacturing, professional services, supply chain, technology, transportation and logistics, and wholesale all targeted.
“ICS has built its reputation around creating captives with higher engagement and more control with a peer group experience for its captive owners,” said Tim Flattery, captive consultant and shareholder at ICS.
“This leads to loss ratios that outperform the industry standards. ICS and Zurich are now taking this same model that has led to so much success in loss prevention and added the focus of sustainability.”