AXIS

Underwriting*:

Project restrictions

• AXIS will not provide 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 operations and their dedicated infrastructure, including any facility, structure or the like
  • Arctic National Wildlife Refuge:
    • Contracts for risks (including projects and operations) covering the exploration, production, or transportation of oil and gas in the Arctic National Wildlife Refuge  

Company restrictions

• AXIS will also not provide 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 direct investments in and, by the end of 2025, will phase out existing direct 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 and operations in the Arctic National Wildlife Refuge.

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

Exceptions:

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

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

(ii) projects that contribute to the climate transition; or

(iii) companies that have a transition plan in place to end all thermal coal or oil sands-related activities by 2030 in OECD countries and the EU and by 2040 globally, which for the sake of clarity, from time to time could include coverage for incidental or ancillary exposures related to existing thermal coal risks; however, a company that plans to, or is in the process of developing or expanding a coal mine, plant or its dedicated infrastructure will not be eligible for this exception.