Amid a rise in ESG-related stakeholder activism and litigation and an evolving global regulatory environment, Orrick has partnered with global insurance broker and risk advisor Marsh on its launch of a new directors and officers liability (D&O) insurance initiative that will recognize U.S.-based clients with superior environmental, social and governance (ESG) frameworks.
Under the initiative, Marsh clients will engage with Orrick to independently review, evaluate, and, in some cases, strengthen their ESG frameworks. Subject to underwriting, the companies will then be considered for preferred D&O policy terms and conditions on ESG-related exposures, such as climate change disclosures and representations, from D&O carriers: American International Group; Berkshire Hathaway Specialty Insurance; Sompo International; and Zurich North America.
“It’s been a pleasure to partner with a forward-looking firm like Marsh on this initiative,” said Ashley Walter, an ESG partner at Orrick. “This is a significant step – the potential to receive preferred D&O terms for establishing an ESG program. Orrick’s framework-based approach to creating and advancing ESG programs is well-suited for this kind of assessment, and we look forward to working with companies and funds participating in this program.”