LOWERING TRANSACTION COSTS AND THE ROLE OF ENVIRONMENTAL INSURANCE
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1 LOWERING TRANSACTION COSTS AND THE ROLE OF ENVIRONMENTAL INSURANCE Shane Herlihy Environmental Consultant to XL Group 26 February 2015
2 What We ll Discuss Today Introduction Environmental Risk & Financial Provision Environmental Incidents what drives cost? The Role of Environmental Insurance what is covered? How can Environmental Insurance satisfy Financial Provision Requirements? Lowering transaction costs The Road Ahead
3 XL Group plc A publicly traded company on NYSE (stock ticker: XL) *Shareholders equity of $11.4 billion & Total assets $45.0 billion A+ rated by S&P XL Group plc, through its operating subsidiaries, is currently in the top top 3 Environmental insurers worldwide Active in the European market since early 1990 s Insureds come from wide range of industries (IPPC, IED & Waste) 2010 re-domiciled to Ireland Ranked 10 th largest financial institution in Ireland Irish Times Top 1,000 Companies, June 2014 Environmental Risk Solutions Ltd. Shane Herlihy retained as Independent Consultant *As of December 31, 2014
4 Risk vs. Known Obligations Risk Known Obligations Incidents / accidents that cause environmental pollution (including ELD Damage) Chemical spill Fire Explosion Stability Failure Offsite migration Gradual losses Foreseeable / anticipated requirements Site closure Decontamination Waste disposal Restoration Remediation Aftercare Management ELRA Unknown Liability CRAMP / RMP Known Liability
5 Environmental Risk what drives costs when responding to an incident? Emergency Response & Prevention (ELD Imminent Threat) On & Off site Third parties Remediation On & Off site Third parties Environmental Liability Directive primary, compensatory & complimentary Legal defence Business interruption
6 Chemie-Pack, Moerdijk an Extreme Example? Storage, blending, filling and packaging of chemicals Seveso site with 50 employees Industrial setting close to surface water Fire in 2011 that resulted in water pollution, land damage (on and off site) including ELD Environmental costs* million Land damage 38.2 Water pollution - ditches 13.5 Above ground clean-up 9.6 Contaminated firewater 2.5 Water pollution - port 1.6 Total 65.4 * Netherlands Ministry of Infrastructure and the Environment Estimate (2012)
7 Additional Factors to Consider when an Incident Occurs Business Interruption ELRA Costs Third Party Property Damages Legal Defence Costs
8 What can Environmental Insurance cover compared with Public Liability Policies? Public Liability Policy* Environmental Impairment Liability Policy** Regulatory Claims? No Yes First Party Clean-up Costs? No Yes Gradual Releases? No Yes Environmental Liability Directive? No Yes Biodiversity Damage? No Yes Directors & Officers? No Yes 1 st Party Business Interruption? No Yes * Typical Public Liability Policy ** Subject to underwriting
9 Comparing Solutions Some Real Life Business Perspectives.P&L versus Balance Sheet Benefits Secured Fund Charges on Property Parent Company Guarantees On Demand Performance Bonds Environmental Insurance Risk Transfer Partial No No No Yes Business Interruption No No No No Yes* * optional Claims Management Expertise Risk/Loss Control Services Emergency Response Support Services No No No No Yes No No No No Yes No No No No Yes Third Party Liability? No No No Yes Legal Fees? No No No Yes
10 How can Environmental Insurance satisfy EPA Financial Provision Requirements? EPA Draft - a potential solution for environmental liabilities arising as a result of incidents Insurance sector has engaged for over a decade. Most recently - provisions and limitations in the Draft Guidance ELD, ELRA, FP process and Guidance prior to that. Environmental Insurance has widespread international acceptance for use in complex risk transfer Operational risks at industrial and waste facilities Brownfield redevelopment projects Property transactions and M&A s Construction projects Already in use in Ireland at licensed and non licensed activities
11 Lowering Transaction Costs Quality of Underwriting Information High quality information is already available. Specialist underwriters know how to interpret this and value it This reduces uncertainty & risk for underwriting = lower premium + comprehensive cover Environmental Insurance rewards good environmental management Specialist brokers are available in Ireland and are key to the process Information requirements include Application Form, ELRA, AER EPA Reports & Correspondence Contaminated Land Reports Environmental Management Procedures
12 The Road Ahead ELRA identifies and helps reduce risk incidents can still occur Costs of an incident can be substantial AND exceed what ELRA considers Environmental Insurance supports ELRA process and can provide additional protection and benefits Operators can efficiently manage costs and benefit from the risk management and service offering Specialist Environmental Insurance policies have an international track record Insurance Sector is engaging with EPA to develop practical solutions
13 THANK YOU David Gallagher Country Manager XL Insurance T: (0) E: David.gallagher@xlgroup.com Shane Herlihy Managing Director Environmental Risk Solutions T: +353 (0) E: shane.herlihy@ersolutions.ie 13
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