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Axis Capital cutting coverage for new thermal coal plants, oil sands extraction

Axis Capital Holdings Ltd. is joining a number of its peers in reducing its exposure to fossil fuels by implementing a new thermal coal and oil sands underwriting and investment policy.

Under the policy, which is effective Jan. 1, 2020, the company will not provide new insurance or facultative reinsurance for the construction of new thermal coal plants or mines, or for oil sands extraction and pipeline projects. The decision also affects dedicated infrastructure.

New insurance or facultative reinsurance will not be offered 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.

Axis Capital will also not make new investments in these companies.

Renewals will be considered on a case-by-case basis until Jan. 1, 2023. Exceptions may be considered on a limited basis until Jan. 1, 2025, in countries where there is not sufficient access to alternative energy sources.