Primmer’s Michael Hill Quoted in Sept. ’16 CaptiveReview.Com Article re. Growing Use of Captive Insurers to Provide Environmental Coverages
Along with representatives from Chubb and Marsh, Primmer’s Michael Hill is quoted at length in CaptiveReview.com’s Sept. 2016 article regarding the increased use of captive insurers to cover environmental risks.
Hill pointed out that the traditional markets have pulled back from environmental coverages since 2011, dropping entirely all Cost Cap coverage (a hallmark that, in the early 2000’s, enabled the cleanup of hundreds if not thousands of “Brownfield” sites), and generally capping limits and policy periods at $25M and 10 years, respectively. “Captives can provide policies with far greater limits and for much longer periods,” Hill said.
All three interviewees see the areas as growing, with Chubb stressing growth among multinationals and Hill stressing growth to support cleanups and longer-term risks related to climate change.