Axis capital holdings limited announces thermal coal and oil sands underwriting and investment policy to support transition to low-carbon economy

Axis capital holdings limited announced a new policy addressing thermal coal and oil sands-related underwriting and investments. the policy is a component of a broader corporate citizenship program led by axis general counsel conrad brooks, and overseen by axis president and ceo albert benchimol and the corporate governance and nominating committee of the axis board of directors. the program focuses on four key areas: environment, diversity & inclusion, philanthropy and advocacy. the new thermal coal and oil sands underwriting and investment policy, effective january 1, 2020, addresses: underwriting: axis will not provide new insurance or facultative reinsurance for the construction of new thermal coal plants or mines and their dedicated infrastructure or oil sands extraction and pipeline projects and their dedicated infrastructure; or to companies that generate 30% or more of their revenues from thermal coal mining, generate 30% or more of their power from thermal coal, or hold more than 20% of their reserves in oil sands. renewals will be considered on a case-by-case basis until january 1, 2023. exceptions to this policy may be considered on a limited basis until january 1, 2025 in countries where sufficient access to alternative energy sources is not available. investments: axis will not make new investments in companies that generate 30% or more of their revenues from thermal coal mining, that generate 30% or more of their power from thermal coal, or that hold more than 20% of their reserves in oil sands.
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