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Liberty Mutual Insurance Group has named the organization’s first chief sustainability officer, as well as announced it will limit its underwriting and investment exposure to thermal coal.
Liberty Mutual said Friday that Francis Hyatt, who most recently served as executive vice president of enterprise talent practices, will assume the sustainability position.
The statement said Mr. Hyatt, who is Boston based, will “further enhance the organization’s ongoing focus on significant environmental, social and governance issues” as well as lead the company’s sustainability office.
Liberty Mutual said under its coal underwriting and investing global policy it will no longer accept underwriting risk for companies whose exposure arising from the extraction and/or production of energy from thermal coal exceeds 25%.
In addition, it will not make new investments in debt or equity securities of companies that generate more than 25% of revenues from thermal coal mining or utility companies that generate more than 25% of their electricity production form thermal coal.
It said also it will phase out coverage and investments for existing risks that exceed this threshold by 2023.
In April, a small group of people protested against Liberty Mutual Insurance Co. as part of a public campaign to pressure the company to commit to not insuring a controversial Australian coal mine project.
The Travelers Cos. Inc. named Yafit Cohn as its first chief sustainability officer and launched a new sustainability website, which includes its climate risk and opportunities disclosure report, in August.
Liberty Mutual Insurance Co.’s National Insurance Specialty operation has named Jon Tellekamp chief underwriting officer for excess casualty and Doug Manwaring chief underwriting officer of public entities and programs, the insurer said in a statement Wednesday.