Marsh announced that U.S. clients now have the option to pay their Marsh service fees in voluntary carbon offset credits and renewable energy certificates (RECs). The move – believed to be a first-of-its-kind in the financial services industry – is part of Marsh’s commitment to help accelerate the energy transition from fossil fuels to renewables and to recognize clients pursuing and exceeding net zero carbon emission goals.
Under the payment program, U.S. Marsh clients can opt to pay for U.S. insurance broking or risk advisory services by transferring agreed upon voluntary carbon offset credits and RECs to leading banking institution Bank of America, which has extensive experience with carbon markets, via a registry account. After receiving the credits and certificates, Bank of America will send the proceeds to Marsh.
“The insurance industry has a central role to play in enabling firms to achieve the climate goals set at COP26,” said Pat Donnelly, president, U.S. and Canada, Marsh. “Marsh’s new carbon credit payment program demonstrates how investing in strong ESG frameworks can result in tangible benefits and complements other Marsh initiatives such as our ESG Risk Rating tool, which enables organizations to measure their environmental, social, and governance (ESG) performance. Being able to pay for Marsh’s services and solutions with these credits and certificates is a benefit for our clients seeking to preserve cash and provides another incentive to invest in carbon removal and avoidance projects.”
Voluntary carbon offset credits are records of investments organizations make in environmental projects and infrastructure that either remove carbon dioxide (CO2) or avoid the emission of CO2. Each offset represents the successful, verified removal or avoidance of one ton of CO2. RECs are records of renewable electricity generation and are issued to organizations when one megawatt-hour (MWh) of electricity is generated and delivered to the electricity grid from a renewable energy resource.
Cowbell Unveils Adaptive Cyber Insurance; Launches Cowbell Specialty Insurance Company
Cowbell announced the debut of Adaptive Cyber Insurance and the launch of its subsidiary, Cowbell Specialty Insurance Company (Cowbell Specialty).
“Three years ago, we launched the insurance industry’s first ever continuous underwriting platform that aligned insurable threats to risk exposures, in order to proactively mitigate losses in the aftermath of cyberattacks,” said Jack Kudale, founder and CEO at Cowbell. “Today, our journey has set us up to lead the next wave of innovation in the cyber insurance industry.”
Adaptive Cyber Insurance
Cowbell’s adaptive cyber insurance transforms cyber coverage from a static offering to a dynamic one, adaptable to today’s and tomorrow’s threats. Policies can now evolve more frequently than yearly to remain aligned with the policyholder’s cyber exposures, avoid coverage gaps and bring full transparency into renewal terms throughout the policy period. Driven by the benefit of strong incentives, policyholders are empowered to improve their organization’s cyber risk profile to avoid potentially disastrous financial losses or reputational damages.
Cowbell’s Adaptive Cyber Insurance bundles risk management tools and services with coverage so that policyholders are able to continuously address changes in the threat landscape. The engagement between Cowbell starts with a real-time benchmark of cyber risks measured by Cowbell Factors and including inside-out risk data. Continuous risk monitoring and risk engineering services then support policyholders in mitigating newly identified exposures and security weaknesses throughout the policy period.
The launch of Cowbell Specialty augments Cowbell’s current business model as Cowbell Specialty joins a reputed panel of 15 carriers and reinsurers that currently support Cowbell Prime cyber insurance programs. Paired with Cowbell Re – the company’s reinsurance captive – Cowbell Specialty allows for additional flexibility and control in serving a fast-growing market with innovative solutions such as Adaptive Cyber Insurance while enforcing best-in-class underwriting for unit-based profitability.
“Adaptive Cyber Insurance is a major evolution for cyber insurance and with the launch of Cowbell Specialty, along with Cowbell Re, we gain the insurance footprint of a tech-enabled, full stack high-growth insurer, giving us the flexibility to expand our business and innovate for the benefit of all our policyholders,” added Kudale.
Adaptive Cyber Insurance will be available to businesses with up to $1B of revenue with Cowbell Prime 1000 which will be available in Q1 2023.
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