AXIS Capital Holdings Limited, the Bermuda headquartered global specialty insurance and treaty reinsurance writer, has announced several new updates to its fossil fuel underwriting and investment policy.
In particular, the company has bolstered its existing policy by committing to phasing out thermal coal business from its insurance, facultative reinsurance, and investment portfolios, ending all such activities no later than 2030 in OECD countries and the EU and 2040 globally.
It has also included thermal coal developers within the scope of its policy, which continues to include provisions in support of renewable energy projects and companies that are transitioning business models away from thermal coal and oil sands.
These measures are in addition to previously announced restrictions on activities in the Arctic National Wildlife Refuge.
Additionally, AXIS Capital has committed to investing $20 million in BlackRock’s Climate Finance Partnership (CFP), a fund focused on climate-infrastructure investments in emerging markets.
“It is our belief at AXIS that the (re)insurance industry needs to move to the forefront of the efforts to transition to a low-carbon economy. Today’s actions reflect the determination and commitment of our team to contribute to positive environmental change,” said Albert Benchimol, AXIS President and CEO.
Conrad Brooks, General Counsel of AXIS, added: “We are very proud to announce these enhancements but much work still remains. We’re committed to building on these actions and growing our efforts to help create a more sustainable future. We look forward to engaging with talent and collaborating with companies that share our beliefs and values.”