Despite a recent move by a key rival and opposition by some major investors, Munich Re Co. will continue to underwrite coal-related businesses, Reuters said.

A number of Munich Re's backers want the company to follow the example of Swiss Re AG and reduce its coverage of the coal industry to encourage the transition away from the energy source, which is a top producer of greenhouse gases, the news outlet said.

A Munich Re spokesman told Reuters that the company will keep insuring all types of companies, but that it will take risk aspects, including environmental, social and governance criteria, into account when doing so.