As one step to support the transition to the low-carbon economy, AXIS has adopted a thermal coal and oil sands-focused underwriting and investment policy, effective January 1, 2020:

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.