Aspect Initiates Journey to Achieve B Corp Certification as an MGA

Aspect’s Journey Towards B Corp Certification

Aspect, a managing general agent (MGA) based in London, is embarking on the path to become a B Corp-certified entity within the London market. This move is part of a larger strategy to embed environmental, social, and governance (ESG) principles into its core operations.

Established in 2022, Aspect is dedicated to underwriting for mid-market enterprises, specializing in sectors such as recycling, renewables, and other sustainability-focused industries. The firm operates with delegated authority from rated capacity providers and collaborates with a network of selected broker partners to distribute its products.

Progress and Goals

Aspect has already surpassed the 80-point threshold necessary for pending certification and is targeting full B Corp status by the end of 2025. This initiative is spearheaded by deputy CEO and head of impact, Klaudia Sosnowska.

Understanding B Corp Certification

B Corp certification is conferred by B Lab, a non-profit organization that evaluates companies on various criteria, including social and environmental performance, governance, transparency, and accountability. To qualify, businesses must meet standards across five key areas: workers, customers, community, environment, and governance. The certification requires renewal every three years, with an expectation of continuous improvement.

Sosnowska emphasizes that the certification process aligns with Aspect’s foundational mission to support businesses that contribute to a lower-carbon economy and are frequently underserved by the insurance market.

ESG Initiatives and Partnerships

This B Corp initiative is part of Aspect’s broader ESG efforts, which include forming new partnerships with the Insurance Industry Charitable Foundation (IICF) and the Living Wage Foundation.

The IICF acknowledges that this partnership indicates a growing recognition within the insurance industry of its role in promoting positive social outcomes. Additionally, the Living Wage Foundation notes that adherence to wage standards bolsters more resilient ESG strategies across various sectors.

Impact and Industry Influence

Aspect views the B Corp framework as a tool to formalize its commitment to positive impact and to challenge industry peers to consider alternative approaches to accountability and sustainability. Achieving B Corp status remains a unique accomplishment in the insurance sector, especially among MGAs operating in the London Market.