Insurer Argo Cuts Ties With Canadian Oil Pipeline Co.
Law360, London (June 4, 2021, 2:37 PM BST) -- Lloyd's of London insurer Argo Group International Holdings Ltd. has cut ties with a controversial Canadian pipeline project, saying it will not renew its policy when it expires.
Argo said Thursday that it no longer has the "risk appetite" to provide insurance for the Trans Mountain pipeline.
The Canadian government is eyeing an expansion to the pipeline, which carries oil from Alberta to British Columbia. But campaigners say the risk of oil spills is too high as the pipes pass through environmentally sensitive areas home to Indigenous groups.
The Canada Energy Regulator granted a request by the Trans Mountain Corporation in...
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