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Axis says it will not cover energy projects in Alaskan refuge

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Axis Capital Holdings Ltd. said Friday that it will not provide coverage or investment support for projects related to exploration, drilling or production of oil or gas in the Arctic National Wildlife Refuge.

Conrad Brooks, general counsel and corporate secretary, executive committee sponsor, Axis corporate citizenship program, wrote in a letter to the Gwich’in Steering Committee,

“We can confirm that Axis will not underwrite new insurance or facultative reinsurance contracts, or provide investment support, for projects covering the exploration, production, or transportation of oil and gas in the Arctic National Wildlife Refuge.”

The Gwich’in people, who live in northeastern Alaska and Canada’s Yukon Territory and Northwest Territories, have a cultural and spiritual connection to the Porcupine Caribou Herd, which uses the coastal plain of the Arctic National Wildlife Refuge as its birthing and calving grounds, the organization said in a statement.

The Trump administration began auctioning off drilling rights in the refuge earlier this month.

“We believe climate-related risks are among the most serious issues facing the world today. We also recognize the importance of the Arctic National Wildlife Refuge to you and your families, as well as our planet,” Mr. Brooks’ letter said.

Axis added that it expects to publish an update to its existing policy to limit thermal coal and oil sands underwriting and investment based on factors including wider Arctic energy exploration activities.

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