The pressure group that targeted the international specialty insurer and reinsurer Convex in London and in Bermuda has claimed victory again in its anti-coal stance aimed at the corporate world.

Market Forces said it was their pressure that caused a “second insurer in two weeks to ditch Adani Carmichael mine”, following an “announcement from Convex, which ruled out insuring any new coalmines, including the Carmichael mine”.

The environmental group say they campaign “for financial institutions that have custody of our money to protect not damage our environment”.

The prominent Switzerland-based insurer Helvetia has announced that it has ruled out insuring the controversial Adani Carmichael coalmine in Australia and will never insure it.

Market Forces said: “Pressure from Market Forces led Helvetia to disclose last ... it was not currently insuring the mine.

“The firm has elaborated on its position to Global Trade Review, stating, ‘We can confirm that we won’t be involved in this project in the future as well as [that] we won’t be involved in the associated infrastructure’.”

The campaigners said announcements from Helvetia and Convex are evidence of the reputational risks involved with insuring dangerous fossil fuel projects.

UK Campaigner for Market Forces Mia Watanabe said: “Helvetia is the second insurer in two weeks to rule out the disastrous Adani mine, highlighting the massive reputational risk that insurance companies face if they remain silent on this issue.

“Helvetia is now the 44th major insurer, and 110th company, to rule out working with the Adani mine.

“The pressure is now on for John Neal and Lloyd’s of London to come forward and confirm that none of their syndicates will issue insurance for Adani Carmichael and associated infrastructure.”