ANTI-SLAVERY AND HUMAN TRAFFICKING POLICY
This Anti-Slavery and Human Trafficking statement is for the year ending 31 December 2017. The Fidelis Group has a zero tolerance to slavery and human trafficking and is committed to preventing slavery and human trafficking in its corporate activities and to ensuring that its supply chains are free from slavery and human trafficking. Following Fidelis’ first full year of operations in 2016, in 2017 we began to investigate what additional steps we can take as an individual company and more broadly as part of the insurance market to combat slavery in certain insured markets such as cargo, marine and construction. We provide more detail on these steps below.
Fidelis Insurance Holdings Limited is the holding company of the Fidelis Group which provides insurance and reinsurance services on a global basis. The companies within the Fidelis Group are either regulated insurance and/or reinsurance companies or service companies or serve a purpose ancillary to its principal insurance and/or reinsurance activities. Fidelis Insurance Holdings Limited has its registered office in Bermuda. There are approximately 80 employees across the Fidelis Group which operates in both Bermuda and the UK.
OUR SUPPLY CHAINS
The Fidelis Group is a provider of insurance and reinsurance services and the Fidelis Group engages with brokers on a global basis. The Boards of the Fidelis Group companies consider that the risk of it or its supply chains being involved in or complicit in slavery or human trafficking is very low due to the nature of the services. The Fidelis Group is not involved in the activities of producing or manufacturing goods which typically involve supply chains which can be susceptible to this risk. There is a risk, however, that whilst not being within its supply chains in the everyday sense, insurers can become involved and thereby complicit, by virtue of their insurance of supply chains or development projects, which could involve slavery or human trafficking.
In order to mitigate the risk of inadvertently supporting slavery in insured supply chains, the Fidelis Group is driving an initiative, in association with industry bodies and certain peers, to produce standard cargo clauses which will be used by the insurance industry to refuse claims under cargo insurance cover where the goods may have been produced as a result of modern slavery. The Fidelis Group also mitigates the risk of insuring development or construction projects which could involve slavery or human trafficking by its standard underwriting process which requires its underwriters to be satisfied that the highest social and environmental standards are upheld before it underwrites such risk. If the underwriter is not satisfied that these standards are met, he/she will not underwrite the risk.
The Fidelis Group procures services in areas including catering, cleaning, IT support, IT software development, investment management and actuarial consultancy. We have taken steps to confirm with the property manager for our UK premises, from whom we procure cleaning and other building services, their procedures for mitigating the risk of slavery and human trafficking in their supply chains, and are satisfied with their compliance. The managing company of our Bermuda premises has confirmed that while it is not subject to the Modern Slavery Act 2015, its policies reflect the same philosophy and standards in relation to its staff and the procurement of services. We are now also taking steps to introduce a clause into our material service contracts to ensure that compliance with anti-slavery and human trafficking law is embedded in our relationships, beginning with our actuarial consultancy and IT software development services contracts, to raise awareness and to obligate our service providers to ensuring there is no slavery or human trafficking in their businesses or supply chains. We plan to continue this work in 2018 and extend implementation of this clause to all our supplier contracts, to ensure our service providers are compliant in all respects.
All employees continue to be contractually required to behave in a professional manner and not bring the company into disrepute; this is inclusive of the approach to engaging suppliers. Additionally, employees are required to uphold the Fidelis Group’s ethos which acts as a set of guiding principles in how to conduct business activities.
The Anti-Slavery and Human Trafficking statement is the principal articulation of the Fidelis Group’s policy on slavery and human trafficking and is intended to inform and influence all the operational procedures within the Fidelis Group. In order to identify and mitigate potential risk areas, including risk of slavery and human trafficking in our supply chains, we operate a range of policies and procedures, including the following:
Our Compliance function provides regular training on the above policies and procedures to all staff and new joiners. The Group Compliance Officer monitors compliance with these policies, which is reinforced by the Internal Audit function.
Whilst reputable employment agencies are engaged to source candidates, the Fidelis Group’s Human Resources function carry out checks to ensure that employees have the right to work and are protected by relevant employment legislation.
We also expect all our staff to enjoy the following basic rights:
To ensure an understanding of the risks of modern slavery and human trafficking in supply chains, we have conducted compulsory compliance training for all staff, both in London and Bermuda, in respect of modern slavery and the Fidelis Group’s Anti-Slavery and Human Trafficking statement for the year ending 31 December 2016. Annual training will be provided in respect of each annual statement. All staff have also been provided with a copy of this statement to raise awareness.
By stating its clear policy in this Statement and by ensuring its staff’s awareness of modern slavery as a result of the training described above, the Fidelis Group is able to effectively mitigate against the risk of slavery and human trafficking within the context of its limited supply chain. In addition to staff awareness when engaging suppliers, the adoption of the Fidelis Group’s Anti-Slavery and Human Trafficking policy in its material service contracts is effective in placing a contractual obligation on Fidelis’ counterparties. The effectiveness of the steps to introduce a clause to refuse claims under cargo insurance cover where the goods may have been produced as a result of modern slavery is not yet implemented but progress will be actively sought and monitored.
This statement is made pursuant to section 54(1) of the Modern Slavery Act 2015 and constitutes the Fidelis Group’s slavery and human trafficking statement for the financial year ending 31 December 2017.
Richard Brindle, Group Chief Executive Officer
Date: 13 February 2018