Our activities ensure that we show leadership and act in a straightforward way for the benefit and understanding of everyone.
The Group operates in line with all relevant regulatory and legal requirements and we run our business responsibly, as a good corporate citizen, a responsible preserver of resources, and holding our supply chain to the high standards we apply to ourselves.
We maintain constructive relationships with the relevant regulatory bodies and others who provide the Group with supervision and oversight.
We also value our partnerships with a number of third-party suppliers and service providers and seek to receive assurance that employers within the services and limited supply chains used by the Group pay a living wage.
Lancashire is committed to understanding and managing the environmental impact of its business.
We continue to measure our carbon footprint for our own operations annually with a view to minimising its negative impact through mitigation strategies and by offsetting at least 100% of our calculated GHG emissions, in order to remain carbon neutral.
Historically, we have achieved our carbon neutral status for our own operations through the purchase of carbon credits, predominately in carbon avoidance programmes, which assist in the creation and/or maintenance of systems and technologies that replace the use of carbon intensive processes.
In 2022, we continued to offset 15% of the Group’s emissions via carbon sequestration projects, which aim to actively remove carbon from the atmosphere, with the remainder of our carbon credits procured via carbon avoidance projects.
85% of the Group’s carbon credits have been purchased in a Solar Energy Project in Alt Ougrour, Morocco, a VCS carbon avoidance project. The remaining 15% of the Group’s 2022 carbon credits have been purchased in an afforestation project in Dingxi, China, which is categorised as a VCS and CCBS approved carbon sequestration programme.
The Group recognises the challenges posed by climate change and considers its environmental impact as part of its wider risk management and strategic planning process.
We have procured 100% renewable electricity for our London operations on a tariff which is backed up by associated Renewable Energy Guarantees of Origin (REGOs), with an appropriate residual grid factor applied for our operations in Bermuda and Australia.
We welcome the opportunity to be part of the industry’s focus on driving action on climate change risk and look forward to coordinating with firms across the sector as we all rise to the shared challenges we face.