Skip to content
  • MyNewMarkets.com
  • Claims Journal
  • Insurance Journal TV
  • Academy of Insurance
  • Carrier Management
Insurance Journal - Property Casualty Industry News

Featured Stories

  • State Farm Still Wants a 30% Rate Increase in California
  • 2024 P/C Combined Ratio Best in More Than a Decade
  • Articles
  • Jobs
  • Markets

Current Magazine

current magazine
  • Read Online
  • Subscribe
  • Login
  • Front Page
    • National
    • International
    • Most Popular
    • Magazine
    • Forums
    • Blogs
    • Videos/Podcasts
    • Newsletters
  • News
    • Most Popular
    • National
    • International
    • East
    • Midwest
    • South Central
    • Southeast
    • West
  • Magazines
  • Research
  • Directories
  • Jobs
  • Features
    • Events
    • Forums
    • Market Directories
    • Quotes
    • Polls
    • Rankings & Awards
    • Insurance Giving Back
  • Subscribe

AXIS Capital Accelerates Its Retreat From Coal Investments and Cover

October 21, 2021
Email This Subscribe to Newsletter
  • Article

AXIS Capital Holdings Ltd. said it will phase out insurance cover and investments in the coal business globally within the next 20 years.

“It is our belief at AXIS that [insurance/reinsurance] industry needs to move to the forefront of the efforts to transition to a low-carbon economy,” AXIS President and CEO Albert Benchimol said in prepared remarks. “Today’s actions reflect the determination and commitment of our team to contribute to positive environmental change.”

Insurers Need to Accelerate Exit From Oil & Gas Industry to Meet Climate Goals: Report

Specifically, the Bermuda-based specialty insurer and reinsurer said it will phase out thermal coal business from its insurance, facultative reinsurance and investment portfolios by 2030 in the 38 countries that are part of the Organization for Economic Co-operation and Development (OECD), and the European Union. AXIS has committed to doing so globally by 2040.

AXIS said its broader policy continues to include provisions supporting 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, building on its commitment to renewable energy, the Company is investing $20 million in BlackRock’s Climate Finance Partnership (CFP), a fund focused on climate-infrastructure investments in emerging markets.

These actions support the company’s broader corporate citizenship initiative led by AXIS General Counsel Conrad Brooks and Corporate Citizenship Committee Chair Anna Kukowski. The initiative is overseen by Benchimol and the corporate governance and nominating committee of the AXIS Board of Directors.

Elana Sulakshana, senior energy finance campaigner at Rainforest Action Network, said in a statement that AXIS Capital’s new commitments on coal are “a major win for the climate.” She also encouraged other insurers including AIG, Berkshire Hathaway and Travelers to pursue their own coal restrictions, and Chubb, The Hartford and Liberty Mutual to enhance theirs.

Sources: AXIS Capital Holdings, Rainforest Action Network

This article first was published in Insurance Journal’s sister publication, Carrier Management.

Was this article valuable?

Thank you! Please tell us what we can do to improve this article.

Thank you! % of people found this article valuable. Please tell us what you liked about it.

Here are more articles you may enjoy.

Q1 Shows ‘Clear’ Signs of Commercial P/C Softening, Says CIAB
No NOAA Large-Disaster Data to Hurt Insurers’ Grasp of Secondary Perils, Says AM Best
Bayer Seeks Roundup Settlement, Explores Monsanto Bankruptcy: Reports
State Farm VP Apologizes to Homeowner While Allstate Gets Grilled at Senate Hearing

The most important insurance news,
in your inbox every business day.

Get the insurance industry's trusted newsletter

Email This Subscribe to Newsletter
  • Categories: International & Reinsurance NewsTopics: AXIS, AXIS Capital Holdings, Climate Change, Coal divestment, environmental social and governance (ESG) criteria, fossil fuel divestment, global warming, greenhouse gas emissions
  • Have a hot lead? Email us at newsdesk@insurancejournal.com
More News
EEOC_SealAustin Bar to Pay $42K Over Pregnancy Discrimination Lawsuit
EU to Propose Removing Business Barriers to Enhance Competitiveness Amid US Tariffs
Former Progressive CEO Renwick, 69, Dies
Hack of Contractor Was at Root of Massive Federal Data Breach
More News Features

Read This Next

  • AXIS Capital Accelerates Its Retreat From Coal Investments and Cover
  • Despite Backlash From Trump, DEI Hasn't Disappeared at US Companies
  • North Dakota Insurance Commissioner Granted Authority to Require Restitution
  • Coinbase Hackers Had Access to Customer Data Since January
  • Taking a Step Back: Why It's Important to Take Time to Unwind In an Industry That Never Stops

Insurance Jobs

  • Claim Operations Specialist - Houston, TX
  • Commercial and Privacy Counsel – Chicago, IL (Remote) - Chicago, IL
  • Counsel - Newark, DE
  • Sales Agent – Richardson - Richardson, TX
  • Product Management (Technical) Lead Consultant - North Carolina, NC
MyNewMarkets
  • 5 Ways to Prepare for Healthcare Liability Changes in 2025
  • What's Next For Workers' Comp?
  • Soft D&O Market May Come to an End as Risk Complexities Rise
  • Exclusions: Active Assailant Coverage - Oh My!
  • 10 Things to Know About Insuring Boats & Marinas
Claims Journal
  • Court Says Google, AI Firm Must Face Mother's Lawsuit Over Suicide of Son
  • State Farm Still Wants a 30% Rate Increase in California
  • No NOAA Large-Disaster Data Could Hurt Insurer Grasp of Secondary Perils, Says AM Best
  • Marks & Spencer Says Cyberattack to Cost $403 Million
  • APCIA Says Record Shows 'Minimal Complaints' on Hurricane Milton, Helene Claims
Academy of Insurance education
  • May 22 Commercial Property: Five Bombs and How to Defuse Them
  • June 5 E&O and Hard Markets: How Trying to Keep a Client Might Cause Trouble
  • June 12 Rating AI Tools: Balancing Functionality and Security
  • June 19 Can You Hear Me? Yes, I Am Listening!

Insurance News

  • News by Region
  • News by Topic
  • Yesterday

Site Search

Features

  • Insurance Markets Directory
  • Forums
  • A.M. Best Company Ratings
  • Industry Events
  • Agencies For Sale
  • Newswire
  • Insurance Jobs
  • Rankings & Awards

Connect with us

  • Email Newsletters
  • Magazine Subscriptions
  • For Your Website
  • RSS Feeds
  • Twitter
  • Facebook
  • LinkedIn
  • Do Not Sell My Info

Insurance Journal

  • Submit News
  • Advertise
  • Subscribe
  • Reprints
  • Link to Us
  • Contact Us

Wells Media Group Network

  • Insurance Journal
  • MyNewMarkets.com
  • Claims Journal
  • Insurance Journal TV
  • Academy of Insurance
  • Carrier Management
© 2025 by Wells Media Group, Inc. Privacy Policy | Terms & Conditions | Site Map