Liberty Specialty Markets aligns capacity to support the energy transition and the Climate Transition Pathway (CTP) accreditation framework developed by Willis Towers Watson

Rhea-AI Summary

Willis Towers Watson (NASDAQ: WLTW) announces that Liberty Specialty Markets will support the Climate Transition Pathway (CTP) solution. This framework aims to assist businesses transitioning to a low-carbon economy by providing insurance companies and financial institutions with guidelines for identifying firms with robust low-carbon plans aligned with the Paris Agreement.

Liberty is the first major insurer to back the CTP, enabling accredited companies to access necessary insurance capacity and capital for their transitions, thus enhancing their sustainability efforts.

Positive

• Liberty Specialty Markets becomes the first major insurer to support the Climate Transition Pathway (CTP), enhancing Willis Towers Watson's position in promoting sustainable business practices.
• The CTP framework helps businesses secure insurance capacity and capital needed for their low-carbon transitions, indicating strong market demand for sustainability-aligned insurance solutions.

Negative

• None.

CTP will help businesses committed to transition to a low-carbon economy in return for continued access to insurance capacity and capital

LONDON, Sept. 02, 2021 (GLOBE NEWSWIRE) -- Willis Towers Watson (NASDAQ: WLTW), a leading global advisory, broking, and solutions company, today announces that Liberty Specialty Markets has aligned capacity to support the Climate Transition Pathway (CTP) solution, an accreditation framework that 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 becomes the first major insurer to align capacity to support CTP which is a best practice industry accreditation model to help companies transition to a low carbon economy. Companies achieving accreditation 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, said: “We are delighted that Liberty is supporting the CTP solution. As part of our ongoing commitment to create innovative solutions for a low carbon economy, we are supporting organisations through an orderly transition to enable them to have continued access to insurance as they transition and benefit from a greater level of certainty around the future availability of risk capacity, helping them deliver a more sustainable future.”

Michael Gosselin, Chief Underwriting Officer – Specialty, at Liberty Specialty Markets, said: “Climate and environmental challenges continue, and all businesses are having to review their sustainable credentials. We are delighted to be collaborating with Willis Towers Watson on the Climate Transition Pathway which will provide a best practice industry standard to help businesses move to a more sustainable future.”

More information on Climate Transition Pathways can be found at www.climatetransitionpathways.com.

About Willis Towers Watson

Willis Towers Watson (NASDAQ: WLTW) is a leading global advisory, broking and solutions company that helps clients around the world turn risk into a path for growth. With roots dating to 1828, Willis Towers Watson has 45,000 employees serving more than 140 countries and markets. We design and deliver solutions that manage risk, optimize benefits, cultivate talent, and expand the power of capital to protect and strengthen institutions and individuals. Our unique perspective allows us to see the critical intersections between talent, assets and ideas — the dynamic formula that drives business performance. Together, we unlock potential. Learn more at willistowerswatson.com.

Media contacts:
Willis Towers Watson - Sarah Booker +44 (0)7917 722040
sarah.booker@willistowerswatson.com

Liberty Specialty Markets offers specialty and commercial insurance and reinsurance products across key UK, European, Middle East, US, Bermuda, Asia Pacific & Latin America markets. We provide brokers and insureds with a broad product range through both the Company and Lloyd’s markets and have over 2,000 employees in approximately 60 offices.

At Liberty Mutual, we believe progress happens when people feel secure. By providing protection for the unexpected and delivering it with care, we help people embrace today and confidently pursue tomorrow.

In business since 1912, and headquartered in Boston, Liberty Mutual Insurance is the sixth largest global property and casualty insurer based on 2020 gross written premium. Liberty Mutual Insurance ranks 71^st on the Fortune 100 list of largest corporations in the U.S. based on 2020 revenue. As of December 31, 2020, we had $43.8 billion in annual consolidated revenue.

Liberty Mutual Insurance employs over 45,000 people in 29 countries and economies around the world. We offer a wide range of insurance products and services, including personal automobile, homeowners, specialty lines, reinsurance, commercial multiple-peril, workers compensation, commercial automobile, general liability, surety, and commercial property.

FAQ

What is the Climate Transition Pathway (CTP) associated with WLTW?

The CTP is an accreditation framework that helps businesses transition to a low-carbon economy by providing guidelines for insurance companies and financial institutions.

How does Liberty Specialty Markets support WLTW's CTP?

Liberty Specialty Markets has aligned its capacity to support the CTP, marking it as the first major insurer to do so and enabling businesses to access necessary insurance as they transition.

What benefits do companies receive from the CTP?

Companies achieving accreditation under the CTP can access insurance capacity and capital, aiding their transition to a sustainable business model aligned with the Paris Agreement.

When was the announcement about the Climate Transition Pathway made?

The announcement regarding the Climate Transition Pathway was made on September 2, 2021.

What impact does the CTP have on insurance availability for businesses?

The CTP provides a structured path for businesses to secure continued insurance capacity, enhancing their chances of meeting low-carbon commitments.