Catlin’s Convex rules out coal mine underwriting

London and Bermuda-based specialty re/insurer Convex Group has confirmed that it will not insure the construction or operation of any new thermal coal mines or their dedicated infrastructure.

The company, co-founded by Stephen Catlin and Paul Brand, has been repeatedly targeted by environmentalist campaigners for its refusal to rule out underwriting the Adani Carmichael coal project in Queensland, Australia.

In a statement issued on its website, the business said that client confidentiality was “a fundamental principle” at Convex, leading it to avoid commenting publicly about clients or specific risks.

“However, we feel obliged to correct inaccurate and misleading information concerning our alleged involvement in a new coal mine in Australia, which has been published both on social media and copied, unchecked, in certain media outlets,” it said. “Unfortunately, this campaign has the potential to unfairly affect a number of our environmental and sustainability partners, connected with the recently announced Convex Seascape Survey.

It added: “In our view it would be a terrible irony if a science research project of this importance was impacted by a false rumour about the insurer that sponsors it.

“Therefore, we would like to confirm that, in line with our ESG policy, we will not insure the construction or operation of any new thermal coal mine and/or its dedicated infrastructure.”