Axis Capital Holdings Ltd. said Friday that it will not provide coverage or investment support for projects related to oil, gas exploration, drilling or production in the Arctic National Wildlife Refuge.
Conrad Brooks, General Counsel and Secretary, Executive Committee Sponsor, Axis Corporate Citizenship Program, wrote in a letter to the Gwich & # 39; in Steering Committee,
"We can confirm that Axis will not sign new insurance or optional reinsurance agreements or provide investment support for projects covering oil, gas exploration, production or transportation in the Arctic National Wildlife Refuge. The
Gwich & # 39; people, who live in northeastern Alaska and Canada & # 39 ;s Yukon Territory and Northwest Territories, have a cultural and spiritual connection to Porcupine Caribou. Herd, which uses the coastal plain of the Arctic National Wildlife Refuge as its birthplace and calf site, said the organization in a statement. [1
“We believe that climate-related risks are among the most serious issues facing the world today. "We also recognize the importance of the Arctic National Wildlife Refuge for you and your families, as well as our planet," Brooks said in a letter.
Axis added that it expects to publish an update to its existing policy to limit thermal coal and oil sands insurance and investment based on factors including broader Arctic energy exploration activities.