LONDON—Two insurance companies are disputing some of the facts presented by a London-based non-governmental organization that is pressuring insurers to break all ties with Burma.
The Burma Campaign U.K., which seeks to restore democracy to Burma, said on Tuesday that two insurers—XL Capital Ltd. in Hamilton, Bermuda and the Chubb Corp. in Warren, New Jersey—were pulling out of Burma.
The campaign noted that the insurers were withdrawing three weeks after it published a report, titled "Insuring Repression," which showed how insurance companies have facilitated the flow of billions of dollars to the Burmese regime.
However, Chubb said it in a separate statement that it had been erroneously put on the campaign's list of insurers doing business in Burma, and had informed the campaign earlier of the error.
"For at least 11 years, Chubb has had in effect a policy that bars its member companies from maintaining an office in Burma, directly writing insurance in Burma, providing insurance into Burma from outside the country or entering into any transaction with the government of Burma," Chubb said in a statement.
XL said it made the decision to not continue its "very limited Burmese business," which was written via its Lloyd's of London platform, XL London Market Ltd., before it was contacted by the Burma Campaign U.K., according to a spokesman.
"The XL companies and employees comply with all relevant sanctions in the jurisdictions in which we operate," XL said in a statement.
"We are not aware of any other XL company having underwritten any Burmese company; equally XL does not have any fronting agreement in Burma and does not seek to insure Burmese companies or operations of companies in Burma," the company said.
The Burma Campaign's report, released at the end of July, can be accessed at http://www.burmacampaign.org.uk/insurance.php
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