Bermuda-based Axis Capital Holdings Limited has bolstered its existing fossil fuel underwriting and investment policy by committing to phase out thermal coal business from its insurance, facultative reinsurance and investment portfolios.

The company said that it will end all such activities no later than 2030 in the EU and OECD and 2040 globally.

The announcement, made today, was among several updates to the company’s fossil fuel underwriting and investment policy related to thermal coal, oil sands and the Arctic National Wildlife Refuge.

Axis said that they are part of its commitment to support the transition to a low-carbon economy.

The company said that it has also included thermal coal developers within the scope of its policy.

It added that the policy continues to include provisions in support of renewable energy projects and companies that are shifting business models away from thermal coal and oil sands.

These measures are in addition to the previously announced restrictions on activities in the Arctic National Wildlife Refuge, Axis said.

Additionally, building on its commitment to renewable energy, the company said that it is investing $20 million in BlackRock’s Climate Finance Partnership, a fund focused on climate-infrastructure investments in emerging markets.

Albert Benchimol, Axis president and CEO, said: "It is our belief at Axis that the re/insurance industry needs to move to the forefront of the efforts to transition to a low-carbon economy.

“Today’s actions reflect the determination and commitment of our team to contribute to positive environmental change.”

Axis said that these actions support the company’s broader corporate citizenship initiative led by Axis general counsel Conrad Brooks and corporate citizenship committee chairwoman Anna Kukowski.

The initiative is overseen by Mr Benchimol and the corporate governance and nominating committee of the Axis board of directors.

Mr Brooks said: “We are very proud to announce these enhancements but much work still remains.

“We’re committed to building on these actions and growing our efforts to help create a more sustainable future.

“We look forward to engaging with talent and collaborating with companies that share our beliefs and values.”

Axis Capital, through its operating subsidiaries, is a global provider of specialty lines insurance and treaty reinsurance with shareholders' equity of $5.4 billion at June 30, and locations in Bermuda, the United States, Europe, Singapore and Canada.