Convex gets reciprocal US status
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London and Bermuda-based specialty re/insurer Convex Group and its cofounder Stephen Catlin have been targeted by environmentalist campaigners at a conference in London.
Protesters from the Australian group Market Forces displayed posters on an advertising van criticising the company’s refusal to rule underwriting the Adani Carmichael coal project in Queensland - “one of the most environmentally and socially destructive projects on Earth”, according to the group.
Targeting the cofounder directly, the posters displayed Catlin’s photo with the strapline “Mr Catling and Convex: Choose Coral, not coal!“
On Monday, the group welcomed the decision of RSA Insurance Group and Conduit Re to rule out underwriting the project while accusing Convex of attempts to “censor criticism”. It says its satirical video attacking the business on YouTube was taken down after a complaint by the company.
Market Forces is also part of the Insure our Future Campaign network, a global coalition of NGO’s and social movements pressuring insurance companies to get out of the coal, oil and gas business and support the transition to clean energy. It has also targeted Convex.
“Convex is one of the world’s leading insurers in the energy sector,” it wrote in June. “At a time when we need to quickly move away from fossil fuels, Convex continues to underwrite the expansion of the oil, gas and coal industry without any restrictions.”
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