Lloyd's Insurer Tokio Marine Drops Australia Coal Project
Law360, London (April 15, 2021, 1:15 PM BST) -- Tokio Marine Kiln has become the latest Lloyd's of London insurer to distance itself from a coal mining project in Australia, with climate campaigners warning that support for the venture was a "reputation destroyer" for the sector.
The insurer said in a statement on Thursday that it would not be involved in underwriting the Carmichael mine in Queensland, owned by Bravus Mining & Resources, a subsidiary of Adani Group, an Indian energy company.
"We regularly review our portfolios and risk appetite in line with our broader organizational goals and can confirm that [Tokio Marine Kiln] would not participate in any future underwriting...
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