Arch, Fidelis join Liberty and SCOR in backing Willis’ climate solution
Global re/insurers Arch Insurance International and Fidelis Insurance have joined Liberty Specialty Markets (LSM) and SCOR in backing the energy transition and the Climate Transition Pathway (CTP) accreditation framework developed by broker Willis Towers Watson (WTW).
Arch has signed up to align capacity, with Fidelis endorsing the CTP, which provides insurance companies and financial institutions with a consistent approach to identifying businesses with robust low-carbon transition plans aligned to the Paris Agreement.
Liberty Specialty Markets and SCOR were the first group of insurers to support CTP.
Willis noted that Arch and Fidelis' commitment to CTP demonstrates the wider industry support for the accreditation model. “This ensures that companies will have the opportunity to access insurance capacity and capital to support their orderly transition and help them meet their low-carbon commitments.”
Graham Knight, global head of natural resources at WTW, said: “Following COP26, today’s announcement demonstrates the wider industry support which is building for Climate Transition Pathways. CTP was designed to help companies wishing to transition to a low-carbon economy and we are absolutely delighted to see more insurers supporting the framework. We are urging businesses to start planning now for future changes to access capacity and capital to ensure your organisation can have continued access to insurance for companies committed to transition. By supporting our clients in this way, we are also helping to create a sustainable future for the energy sector.”
Hugh Sturgess, CEO of Arch Insurance International, added: “We are delighted to announce our commitment to the Climate Transition Pathways. The accreditation framework offers companies a clearly defined, credible mechanism, aligned with the Paris Agreement, to support the transition to a low-carbon environment. We are proud to play our part in supporting this important industry initiative, alongside Willis Towers Watson and others.”
Richard Coulson (pictured), CEO insurance & UK chief underwriting officer at Fidelis, added: “We are committed to supporting a just, material and measurable transition to a low-carbon economy. The Climate Transition Pathways accreditation will allow insurers access to reliable data on companies plans and progress towards their stated decarbonization objectives. This will give us the opportunity to support those who are best in class, as well as those who are genuinely working in earnest to complete and execute a plan on how to drastically reduce their carbon footprint within a reasonable timeframe. We welcome Willis Towers Watson’s efforts to develop an industry wide initiative and are excited to our join peers supporting it.”
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