cleversoft announces comprehensive CSRD service for captive insurance companies
cleversoft, a dedicated partner to captive insurance companies, is pleased to announce a comprehensive 360-degree service offering to help businesses navigate the new Corporate Sustainability Reporting Directive (CSRD). The CSRD is a significant regulatory change that emphasizes the European Union’s commitment to sustainability and transparency in financial reporting.
Implications for Captive Insurance Companies
The CSRD, an extension of the Non-Financial Reporting Directive (NFRD), integrates environmental, social, and governance (ESG) factors into the core strategic and reporting framework of companies operating in the EU. Recognizing the unique position of small and medium-sized enterprises (SMEs), including European captive insurers and reinsurers, the European Financial Reporting Advisory Group (EFRAG) has launched a consultation on the Draft on Sustainability Reporting Standards for SMEs.
The new set of rules for reporting on company sustainability (ESRS LSME) will start to apply from January 1, 2026. This means captive companies will begin their first reporting period in 2027 for the 2026 fiscal year. The regulator also provides a two-year opt-out option, allowing companies the flexibility to postpone adherence to these regulations if they require more time to prepare.
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Introducing cleversoft Standard CSRD Service
Understanding the challenges and complexities of aligning to CSRD requirements, cleversoft’s standard CSRD service ensures a smooth, efficient, and regulatory-compliant reporting process. The service covers every aspect of the reporting, including data imports, ESG data provider connections, comprehensive calculations, AI-enhanced narrative generation, a review and sign-off process, audit logs, version history, and output in PDF and iXBRL formats.
While 2027 may seem distant, the scope of the CSRD reporting requires early preparation. cleversoft will guide your business through this transition, offering expertise and support in every step of the process.
For further insights into cleversoft’s CSRD compliance solutions or to arrange a presentation with a demo, kindly reach out to us. Our experts will be happy to advise you on the details.