The combined offering is expected to assist companies in better understanding and managing climate risks. Credit: Miha Creative via Shutterstock.

Insurance broker and advisory services provider WTW has formed a new partnership with law firm Clyde & Co to help clients manage climate risks.

As part of the cooperation, WTW will provide Clyde & Co’s expertise in climate legal and risk management as part of its offering of climate analytics and consultancy.

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The combined offering is expected to assist companies in better understanding and managing the risks associated with climate liabilities and in taking advantage of the possibilities that climate change presents.

WTW Climate & Resilience Hub climate liability lead Nadine Coudel said: “The collaboration will further broaden our relationship with Clyde & Co, developed over a number of years.

“We will be able to give our clients unprecedented access to regulatory and risk advice in the course of their ESG journeys, pairing WTW’s world-leading consulting expertise and capabilities in delivering climate risk analytics with Clyde & Co’s renowned and globally integrated team of climate liability experts.”

The collaboration, which expands on the companies’ existing partnership, will specifically focus on analysing current climate liability risks, planning for legal responses to climate change, and assessing present climate contracts to identify high-risk contract hotspots.

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Clyde & Co Partner Nigel Brook said: “With regulations tightening in the face of increasingly severe and frequent physical climate risks, there are profound implications for all industries.

“The onus on boardrooms to manage the risks presented by climate change is stronger than ever. We are pleased to be able to offer these services as part of WTW’s offering.”

Recently, WTW and the Mesoamerican Reef Fund announced the third renewal and expansion of the coral reef insurance programme.