As part of our commitment to supporting the transition to a low-carbon economy, we are further strengthening our existing fossil fuels underwriting and investment policies, first announced in 2019, as follows:

 

Effective January 1, 2022:

 

Underwriting*:

Project restrictions

• AXIS will not provide new insurance or facultative reinsurance for:

    • Thermal coal:
      • New and existing thermal coal plants or mines or their dedicated infrastructure
    • Oil sands:
      • New and existing oil sands extraction or pipeline projects and their dedicated infrastructure
    • Arctic National Wildlife Refuge:
      • Contracts for projects covering the exploration, production, or transportation of oil and gas in the Arctic National Wildlife Refuge  

       

Company restrictions
 

• AXIS will also not provide new insurance or facultative reinsurance to companies that:

    • Thermal coal:
      • Generate 20% or more of their revenues from thermal coal plants or mines  
      • Generate 20% or more of their power from thermal coal
      • Are developers of thermal coal plants or mines or their dedicated infrastructure
    • Oil sands:
      • Generate 20% or more of their revenues from oil sands
      • Hold more than 20% of their reserves in oil sands
    • Arctic National Wildlife Refuge:
      • Generate 20% or more of their revenues from energy exploration, production or transportation activities conducted within the Arctic National Wildlife Refuge


Investments*:

AXIS will not make new investments in and, by the end of 2025, will phase out existing investments in companies that:

  • Thermal coal:
    • Generate 20% or more of their revenues from thermal coal mining
    • Generate 20% or more of their power from thermal coal
    • Are developers of thermal coal mines or plants or their dedicated infrastructure
  • Oil sands:
    • Generate 20% or more of their revenues from oil sands
    • Hold more than 20% of their reserves in oil sands
  • Arctic National Wildlife Refuge:
    • Generate 20% or more of their revenues from energy exploration, production or transportation activities conducted within the Arctic National Wildlife Refuge; additionally, AXIS will not provide investment support for oil and gas projects in the Arctic National Wildlife Refuge.  

* AXIS is committed to fully phasing out thermal coal business from our insurance, facultative reinsurance, and investment portfolios and, accordingly, commits to reducing the remaining thresholds over time.  The thresholds will reach 0% no later than 2030 in OECD countries and the EU and 2040 globally.


Exceptions:


Renewals will be considered on a case-by-case basis until January 1, 2023.

 

Exceptions to this policy may be considered on a limited, case-by-case basis for investments and for insurance or facultative reinsurance contracts:

(i) related solely to renewable or “green” energy projects; or

(ii) pertaining to companies that have a transition plan in place to end thermal coal and oil sands-related activities by 2030 in OECD countries and the EU and by 2040 globally and for risks or projects not otherwise prohibited by this policy; however, a company that plans to or is in the process of developing a coal mine, plant or its dedicated infrastructure will not be eligible for this exception.