Insurance and reinsurance provider AXIS Capital Holdings has announced a new policy addressing thermal coal and oil sands-related underwriting and investments.

A component of a broader corporate citizenship programme with a focuses on four key areas: environment, diversity & inclusion, philanthropy and advocacy, the new policy commits AXIS to stop 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 per cent or more of their revenues from thermal coal mining, generate 30 per cent or more of their power from thermal coal, or hold more than 20 per cent of their reserves in oil sands.

Furthermore, in terms of investments, AXIS will not make new investments in companies that generate 30 per cent or more of their revenues from thermal coal mining, that generate 30 per cent or more of their power from thermal coal, or that hold more than 20 per cent of their reserves in oil sands.

AXIS has $24.1bn in assets.

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